KUALA LUMPUR: Datuk Seri Anwar Ibrahim has announced a 10-year income tax exemption for Tunku Abdul Rahman University of Management and Technology (TAR UMT), easing months of concern over the university’s tax status.
During a visit to TAR UMT’s main campus in Setapak on Wednesday (Feb 4), the Prime Minister also presented a mock cheque for RM40mil in a matching grant from the government to the university.
“The government has approved a tax exemption for 10 years for all educational bodies and foundations.
“This is for foundations that are set up for education purposes, like the TAR Foundation,” he said at the mock cheque presentation ceremony Wednesday (Feb 4).
Earlier, Anwar spent more than an hour engaging with undergraduates in a dialogue, fielding questions on education, nation-building, the economy and national sovereignty, as well as sharing his aspirations for Malaysia’s future with the students.
Anwar’s announcement follows earlier uncertainty over whether TAR UMT would continue to enjoy tax-exempt status.
In December, it was reported that the university was still awaiting a clear decision from the Inland Revenue Board (LHDN) on extending its tax exemption beyond Dec 31.
MCA president Datuk Seri Dr Wee Ka Siong had said that the university could otherwise face up to RM20mil in annual tax payments, potentially affecting thousands of students.
When met, Dr Wee said the university was doubly grateful for the matching grant and tax exemption.
“Today, TAR UMT would like to record our deepest appreciation to the Prime Minister for giving us two pieces of good news,” he said.
