Like every government policy, there are loopholes which could be manipulated by some for personal gains while fulfilling the official requirements.
"THERE'S a new kid on the block who has raised many eyebrows. He's just arrived home after an overseas stint and he drives a spanking new Rolls Royce. He's just over 30 and do you think he yanked RM3 million for the shining car which boasts that "At 60mph, the only sound you hear is a clock tick"?
But he paid just one third the price and that's without breaking the law. He has returned under a programme to draw home "talented" people who have been working abroad.
The government's efforts at luring back highly trained talents via Talent Corp is part of a policy to fix the lack of talent, but those in the know say it is fraught with too many loopholes.
Talent Corp accords returnees a 15% flat rate for income tax and two tax-free CKD cars. Now if the latter is exercised, then a price advantage for buying two luxury cars like the BMW, Audi or Mercedes can be savings up to RM200,000."
"If these returning talents are deemed as key corporate players that the country so badly needs, it may be justified.
But murmurings in the job market say the contrary.
They are normally in their early thirties, wanting to come home anyway as the job market in Europe is not so rosy at the moment.
"The current mutter in the market is that if you want two duty-free cars – get a relative or friend who is coming back to apply to Talent Corp. Chances are high that you will get approval as Talent Corp needs to fulfil its KPI," says an insider in the banking fraternity."
More:
The Sun: When incentives go wrong by Nadeswaran
http://www.thesundaily.my/node/228006
Update:
SHOCKER! RM2 MIL TAX WAIVER for 32-yr-old returning M'sian to import Rolls Royce & Audi
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"THERE'S a new kid on the block who has raised many eyebrows. He's just arrived home after an overseas stint and he drives a spanking new Rolls Royce. He's just over 30 and do you think he yanked RM3 million for the shining car which boasts that "At 60mph, the only sound you hear is a clock tick"?
But he paid just one third the price and that's without breaking the law. He has returned under a programme to draw home "talented" people who have been working abroad.
The government's efforts at luring back highly trained talents via Talent Corp is part of a policy to fix the lack of talent, but those in the know say it is fraught with too many loopholes.
Talent Corp accords returnees a 15% flat rate for income tax and two tax-free CKD cars. Now if the latter is exercised, then a price advantage for buying two luxury cars like the BMW, Audi or Mercedes can be savings up to RM200,000."
"If these returning talents are deemed as key corporate players that the country so badly needs, it may be justified.
But murmurings in the job market say the contrary.
They are normally in their early thirties, wanting to come home anyway as the job market in Europe is not so rosy at the moment.
"The current mutter in the market is that if you want two duty-free cars – get a relative or friend who is coming back to apply to Talent Corp. Chances are high that you will get approval as Talent Corp needs to fulfil its KPI," says an insider in the banking fraternity."
More:
The Sun: When incentives go wrong by Nadeswaran
http://www.thesundaily.my/node/228006
Update:
SHOCKER! RM2 MIL TAX WAIVER for 32-yr-old returning M'sian to import Rolls Royce & Audi
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