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Malaysia's 2012 budget focuses on Education

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The Malaysian government announced its new budget for 2012, outlining significant changes in the education and industrial sector. Hotcourses wants to point out a few of the most significant changes, which will be highly benefitial for international student looking for new and attractive study destinations.

Last October 2011, the Malaysian government announced further changes and tax reforms on education and innovation sectors of the economy. The reform aims to encourage industries and businesses to invest more capital and efforts on attracting talented Malaysian and overseas students to study and have work experiences in Malaysia.

A few of the most significant additions are:

  • Double tax deduction for expenses incurred by companies that implement structured internship (or practical training) for full-time undergraduate students for a minimum period of 10 weeks with a monthly allowance of no less than MYR500.
  • Double deduction for scholarships awarded by private companies to Malaysian students (subject to qualifying conditions) until 2016.
  • Double tax deduction for profit-oriented private and international schools on overseas promotional expenses to attract foreign students to come and study in Malaysia.
  • 70% income tax exemption for providers of industrial design services to develop pioneering technologies in the industry.

During the announcement, the Prime Minister of Malaysia stated, "Knowledge is the pillar of civilisation and the foundation for excellence. Therefore, to achieve the aspiration of becoming a developed and high-income country, the Government continues to give priority to the development of the education system to produce talented, highly-skilled, creative and innovative workforce."

The changes have been welcome by education providers and businesses likewise as a step forward in the development of a stronger economy in Malaysia. Those students wanting to study in Malaysia will enjoy a more open and encouraging educational environment to develop the skills they have learned during their studies.

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