KUALA LUMPUR — Certain charities and non-governmental organisations (NGOs) may be exempted from tax of up to seven per cent when the government announces Budget 2019.
Finance Minister Lim Guan Eng said yesterday the federal government is studying tax exemptions for certain NGOs that actively carry out welfare programmes.
“The study is on the possibility of giving up to seven per cent in tax exemption and it will be announced in the 2019 Budget, which will be tabled on Nov 2,” Bernama quoted him as saying during the anniversary celebration of One Hope Charity and Welfare Berhad at Juru Auto City in Penang.
Lim encouraged charity organisations to hold more welfare programmes, saying “the government is facing financial constraints”.
He also related his visit aboard the RM1.02 billion superyacht Equanimity, which Prime Minister Tun Dr Mahathir Mohamad has claimed was bought by Penang-born businessman Low Taek Jho, better known as Jho Low, from money “stolen” from sovereign investment fund 1Malaysia Development Berhad.
“Yesterday (Saturday), I accompanied Dr Mahathir to look at the ship, it was like a dream … but we were also sad as this was all from the people’s money,” he said.