The Malaysian Institute of Accountants (MIA) has hailed measures to further develop Malaysia as an Islamic finance hub.
In a statement, MIA president, Abdul Rahim Abdul Hamid, said these measures would increase Malaysia's relevance in the eyes of the world while at the same time help create more value within the Malaysian economy.
Abdul Rahim said this in response to Budget 2010 unveiled by Prime Minister Datuk Seri Najib Razak at Dewan Rakyat here on Friday.
To promote Islamic financing, the government has proposed that the existing tax incentives be extended to 2015.
These include stamp duty exemption of 20 percent on Islamic financing instruments, tax exemption on banking profits derived from overseas operations which is also extended to profits of insurance and takaful companies as well as deduction on expenditure incurred in the establishment of Islamic stockbroking companies.
He was confident the accountants would respond positively to the measures announced in Budget 2010.
Abdul Rahim said in taking the Malaysian economy to the next stage, there certainly was a need to address matters at the most fundamental level and nurture a society that has the knowledge and the values to support a robust and sustainable high-income economy.
"The six key national key result areas were covered by the various measures introduced and that there has been significant emphasis in the area of education," he said.
He said the private sector played a critical role to market and commercialise products and services at a scale that was meaningful to the economy as they rose to the call to become the main engine of growth for the Malaysian economy.
"The Budget 2010 will spur the development of the new economic model and set the pace for the 10th Malaysia plan," he said.
Link: http://www.bernama.com/bernama/v5/newsbusiness.php?id=449258
In a statement, MIA president, Abdul Rahim Abdul Hamid, said these measures would increase Malaysia's relevance in the eyes of the world while at the same time help create more value within the Malaysian economy.
Abdul Rahim said this in response to Budget 2010 unveiled by Prime Minister Datuk Seri Najib Razak at Dewan Rakyat here on Friday.
To promote Islamic financing, the government has proposed that the existing tax incentives be extended to 2015.
These include stamp duty exemption of 20 percent on Islamic financing instruments, tax exemption on banking profits derived from overseas operations which is also extended to profits of insurance and takaful companies as well as deduction on expenditure incurred in the establishment of Islamic stockbroking companies.
He was confident the accountants would respond positively to the measures announced in Budget 2010.
Abdul Rahim said in taking the Malaysian economy to the next stage, there certainly was a need to address matters at the most fundamental level and nurture a society that has the knowledge and the values to support a robust and sustainable high-income economy.
"The six key national key result areas were covered by the various measures introduced and that there has been significant emphasis in the area of education," he said.
He said the private sector played a critical role to market and commercialise products and services at a scale that was meaningful to the economy as they rose to the call to become the main engine of growth for the Malaysian economy.
"The Budget 2010 will spur the development of the new economic model and set the pace for the 10th Malaysia plan," he said.
Link: http://www.bernama.com/bernama/v5/newsbusiness.php?id=449258
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