Views on Income Tax Act changes sought

MEMBERS of the public now have the opportunity to comment on proposed changes to the Income Tax Act outlined in this year's Budget.

Feedback can be lodged until July 24 through e-mail, fax, post or the Finance Ministry's website. One proposed change involves cushioning large companies' internationalisation activities with a five-year concessionary tax rate of 10 per cent and a double tax deduction that covers staff postings to new overseas entities.

The Government will also support small and medium-sized enterprises in their strategic acquisitions, by lowering the acquisition cost cap from $100 million to $20 million, as well as increasing the mergers and acquisitions allowance rate from 5 per cent to 25 per cent.