Malaysia gazettes order on income tax exemption for modernising manufacturing activities
KUALA LUMPUR (Sept 2): The Malaysian Official Gazette Aug. 30 published an order providing an income tax exemption for companies making capital expenditures to modernise or automate their manufacturing activities.
Taxpayers must apply for the exemption: a) by Dec. 31 for companies upgrading manufacturing processes for rubber, plastic, wood, furniture, or textiles in 2015 through 2017; or b) by Dec. 31, 2020, for all other companies with qualifying projects in 2015 through 2020.
The Official Gazette also published rules on how companies making capital expenditures to modernise their manufacturing equipment can claim accelerated
capital allowances. Both regulations apply from the 2015 tax year.
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