Budget 2021: Dewan Rakyat passes Finance Bill 2020, tax breaks aplenty

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KUALA LUMPUR: The Dewan Rakyat has passed the Finance Bill 2020 that provides several tax breaks to cushion the impact of Covid-19, as provided for under Budget 2021.

The Bill, which was tabled by Deputy Finance Minister II Mohd Shahar Abdullah, seeks to amend several existing laws such as the Income Tax Act to provide higher tax deductions for those undertaking reskilling courses, and for the purchase of smartphones and computers, as well as for Covid-19 vaccinations.

RSN Rayer had asked whether the amendments would bring any benefit to the rakyat or would just be an extra advantage to Najib who is facing tax-related court cases. To this, Shahar said"Whoever needs to pay tax, will have to pay their tax. However, it is based on the decision made by the courts." Under Section 46, those undertaking any upskilling tertiary course, including those related to Master’s or doctorate degrees, will be eligible for deductions of between RM1,000 and RM7,000 for the assessment periods 2021 and 2022.

 

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