| 1Malaysia Development Bhd (1MDB) and its wholly-owned subsidiaries have been granted tax exemptions for 10 years by Prime Minister Datuk Seri Najib Razak, who is also the finance minister. Najib announced the tax holiday for 1MDB, which is currently under probe by the Public Accounts Committee (PAC), in Parliament yesterday through a written reply to Kampar member of Parliament (MP) Dr Ko Chung Sen who asked about taxes paid by the strategic investment fund since 2009.
"1MDB and its wholly-owned subsidiaries can enjoy tax exemptions including dividends for a period of 10 years in line with Section 127(3A) of the Income Tax Act 1967. However, other subsidiaries acquired by 1MDB are not entitled to the tax exemptions," said Najib, who is also chairman of 1MDB’s board of advisors...............................................Full Article: Source
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