What are the specific conditions TAR UMT must meet for its tax exemption?

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TAR UMT Must Submit Audited Financial Statements Annually for Tax Exemption

Tunku Abdul Rahman University of Management and Technology (TAR UMT) has been granted a 10-year tax exemption extension, a decision approved by Prime Minister Datuk Seri Anwar Ibrahim. As a condition for this extended exemption, TAR UMT is required to submit its audited financial statements on an annual basis. This submission must adhere to the specific regulations outlined in Subsection 44(6) of the Income Tax Act 1967.
Annual Submission of Audited Financial Statements

The extension of the tax exemption for TAR UMT is contingent upon the university meeting certain compliance requirements throughout the 10-year period. A primary stipulation is the mandatory annual submission of audited financial statements. This process ensures transparency and accountability regarding the university's financial operations.
Compliance with Income Tax Act 1967

The audited financial statements submitted by TAR UMT must be in full accordance with the requirements stipulated under Subsection 44(6) of the Income Tax Act 1967. This legal framework governs the conditions under which educational bodies and foundations can receive tax exemptions, ensuring that public funds and benefits are managed appropriately.
Ongoing Compliance Reviews

Throughout the duration of the 10-year tax exemption, TAR UMT will be subject to ongoing compliance reviews. These reviews are a standard procedure to ensure that the university continues to meet all stipulated conditions, including the timely and accurate submission of its financial records as mandated by the relevant tax legislation.

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What are the specific conditions TAR UMT must meet for its tax exemption?

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