MindMap Gallery Mind map on Tax Incentives in Budget 2021
This mindmap is about the tax incentives proposed in Budget 2021.
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Budget 2021
 Equity CrowdFunding (ECF)
Tax Update
Exemption of 50% for investment
Limited to RM50k / 10% of aggregate income
Implications
Encourage startups
Promote job opportunities
Increase country's tax revenue
 Private Healthcare Services
Background
100% of qualifying CAPEX allowance till 31 Dec 2020
Extended to 2022
Encourage upgrading of better medical equipment
Purchase of Covid-19 related equipment
Criticism
Exemption only to company concerned
 Suggestion
Tourism Tax
Tourism tax should be extended to 2022
Property tax rebate
 Eg: Singapore 100% property tax rebate
Tax Rebate for Retaining Employees
 Eg: U.S. CARES Act
Tax credit at 70% of qualified wages
Rebate for High Tech Startups
Propose a tax exemption up to 70%
Example: UK's R&D tax credit
 Tourim Tax
RM 10 per night
Exempted from July 2020 to June 2021
Encourage local travelling
Provide jobs
Might not be sufficient to boost tourism
 Medical, special needs & parental care
Current limit at RM5,000
Increased to RM8,000
Receive quality medical treatment
Relieve burden on healthcare bills
Boost revenue of healthcare sector
 Cigarette & Tobacco
Government losing RM5 billion to illicit market
10% excise duty on electric & non-electric cigarettes
Impose indirect taxes on duty free islands
Reduce consumption on tobacco
Save on cigarette-related health expenses
Increase in productivity