Saktiandi Supaat on Income Tax (Amendment) Bill
The taxman will require prescribed intermediaries to collect, retain and submit income information for self-employed persons (SEPs) under a new Bill that was debated in Parliament on Tuesday (Oct 3). MP Saktiandi Supaat said this was likely to include platform and ride-hailing companies who would be able to process such information for delivery riders and private-hire drivers. He asked what other types of intermediaries might be involved, how a phased implementation will be carried out and whether SEPs can opt in or out of the system. On enhancing tax incentives for qualifying expenditure on research and development (R&D), Mr Saktiandi said this is welcomed amid high interest rates which may cause companies to shelve or postpone borrowing for R&D. However, he wanted to know how the Ministry of Finance decided on the 400 per cent that the tax deduction will be raised to, and whether there have been studies on how changes in tax deduction for R&D over the years have impacted the amount of R&D conducted.
The taxman will require prescribed intermediaries to collect, retain and submit income information for self-employed persons (SEPs) under a new Bill that was debated in Parliament on Tuesday (Oct 3). MP Saktiandi Supaat said this was likely to include platform and ride-hailing companies who would be able to process such information for delivery riders and private-hire drivers. He asked what other types of intermediaries might be involved, how a phased implementation will be carried out and whether SEPs can opt in or out of the system. On enhancing tax incentives for qualifying expenditure on research and development (R&D), Mr Saktiandi said this is welcomed amid high interest rates which may cause companies to shelve or postpone borrowing for R&D. However, he wanted to know how the Ministry of Finance decided on the 400 per cent that the tax deduction will be raised to, and whether there have been studies on how changes in tax deduction for R&D over the years have impacted the amount of R&D conducted.
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