KUALA LUMPUR, May 8 (Bernama) -- The Senate today passed the Income Tax
(Amendment) Bill 2012, Financial Reporting (Amendment) Bill 2012 and Labuan
Companies (Amendment) Bill 2012.
The Income Tax (Amendment) Bill 2012 seeks to allow taxpayers to claim for
deductions for donations for religious purposes.
The Bill, also allow a taxpayer to claim for deductions for contributions to
the construction, improvement or maintenance of a public building for religious
The Financial Reporting (Amendment) Bill 2012, which seeks to enable the
Financial Reporting Foundation to oversee the functions of the Malaysian
Accounting Standards Board, was also passed.
The Bill, which was tabled by Deputy Finance Minister Datuk Dr Awang Adek
Hussin, seeks to make the foundation more inclusive and reflective of the
developments of Malaysia’s financial reporting system.
The amendment also seeks to allow the Securities Commission and Bank Negara
to modify accounting standards to ensure financial stability.
Awang Adek said the amendment of the Labuan Companies (Amendment) Bill 2012
would become a catalyst for foreign investment in Labuan.
FBR NAK JRL