KUALA LUMPUR: Tax firm Lee Hishammuddin Allen & Gledhill (LHAG) has urged the government to repeal a law which allows the Finance Minister to give exemptions to individuals and companies.
LHAG partner S. Saravana Kumar said under the Section 127 (3)(a) of the Income Tax Act, the Finance Minister is allowed to give tax exemptions to individuals and companies at his discretion.
With the repeal, all tax exemptions given will be tabled at Parliament, which is a more transparent process.
Speaking at LHAG's Tax, GST & Customs Seminar 2018 today, Setiawangsa MP Nik Nazmi Nik Ahmad said all exemptions should be done properly and transparently, without abuse.
He said he will bring this issue to be discussed at Parliament at the right time.