TAR UMT to enjoy 10-year tax exemption

This comes after Prime Minister Anwar Ibrahim announced an exemption for all educational bodies and foundations.

Prime Minister Anwar Ibrahim announced the 10-year tax exemption at the ‘Temu Anwar’ programme at TAR UMT’s main campus in Setapak, Kuala Lumpur, today.

KUALA LUMPUR:

 Tunku Abdul Rahman University of Management and Technology (TAR UMT) will enjoy a 10-year income tax exemption following Prime Minister Anwar Ibrahim’s announcement that all educational bodies and foundations will be tax-exempt for the next decade.

Anwar announced this decision today during the “Temu Anwar” programme held at TAR UMT’s main campus in Setapak.

“This is for foundations that are set up for education purposes, like the TAR Foundation,” he said after presenting the university foundation with a mock cheque for RM40 million in a matching government grant.

Last December, TAR UMT said it was awaiting a decision from the Inland Revenue Board (LHDN) on extending its tax exemption beyond Dec 31.

Speaking to reporters later, MCA president Wee Ka Siong expressed his gratitude over the exemption.

Wee, who chairs the TAR Education Foundation’s board of trustees, said that without the exemption, the university could have faced up to RM20 million in annual taxes, potentially affecting thousands of students. - FMT