By STAFF Writer October 24, 2011 MALAYSIA NEWS - Amendment in Income Tax Act in Malaysia may affect foreign investment along with some negative impact on the local business community as well as on taxpayers, said MCA Young Professionals Bureau on Saturday. According to the MCA chairman, in the Section 81 amendment of Income Tax Act the Internal Revenue Board's director-general (DG) gets the power to disregard, partly or completely, the income tax claims proof after the end of notice period. In a press conference in Kuala Lumpur chairman Datuk Chua Tee Yong said, "Previously, a person is entitled to appeal any additional assessment issued by the DG. "However, this new amendment does not allow for any room to appeal, as the DG may disregard proof of claims, such as receipts or documents." He illustrated the amendment with an example: if any public listed company claims for travelling expenses of RM500,000 that were actually incurred four years ago, then D...
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