MCA president Datuk Seri Dr Wee Ka Siong has voiced concern over the looming expiry of Tunku Abdul Rahman University of Management and Technology’s (TAR UMT) tax-exempt status on Dec 31, saying that the Inland Revenue Board (IRB) has yet to approve an extension.
Speaking at the party’s 3rd General Assembly on Sunday (Dec 7), he warned that forcing TAR UMT to pay tax could have serious financial repercussions for thousands of students.
Dr Wee added that if both TAR UMT and Universiti Tunku Abdul Rahman (UTAR) lose their tax-exempt status, the institutions could face up to RM20mil in tax annually.
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