KUALA LUMPUR (Oct 21): The special fund of up to RM3 billion, to be allocated by government-linked investment companies (GLICs) to licensed fund managers for investments into small and mid-cap firms, will improve market transactions and banks’ non-interest income, said Ambank Group chairman Tan Sri Azman Hashim. Azman, who is also the chairman of Malaysian Investment Banking Association, also said the government’s introduction of the Small and Mid-Cap PLC Research Scheme — to conduct research on 300 companies — will further invigorate the capital market. “This measure is to improve the affordability of [homes to] low to middle income first-time home buyers,” he said. “The reduction in income tax are: one percentage point for increase in chargeable income between 5% to below 10%; two percentage point for increase in chargeableincome between 10% to below 15%; three percentage point for increase in chargeable income between 15% to below 20%; and four percentage point for increase in chargeable income of 20%,” he noted. In a separate statement, AmBank Group chief executive officer Datuk Sulaiman Mohd Tahir said the reduction of income tax by stages, together with the lowering of tax rate on a the first RM500,000 chargeable income to 18% from 19% next year, bodes well for the economy.

Source: The Edge Markets October 21, 2016 16:52 UTC