KINIGUIDE | How do foundations get and benefit from tax exemptions?

KINIGUIDE | Tax exemption has come to the forefront of the people’s attention with the recent revelation of the Albukhary Foundation’s tax-exempt status.

This matter came to light on March 9, when Perikatan Nasional chairperson Muhyiddin Yassin accused former finance minister Lim Guan Eng of revoking the tax exemption granted to the Albukhary Foundation.

Muhyiddin made this claim after he was questioned by the MACC, where among the issues raised by the anti-graft agency was the former prime minister’s acceding to the foundation’s appeal against the cancellation of the tax exemption.

Lim has since denied any knowledge of cancelling the foundation’s tax-exempt status. Yesterday, Prime Minister Anwar Ibrahim also backed Lim’s denial...