Effective from the year of assessment 2010 to the year of assessment 2014, a resident company incorporated in Malaysia is given an exemption from payment of income tax up to 70% of the statutory income derived from the export of motor vehicles, automobile components or parts it manufactured.
The amount of statutory income to be exempted is equal to:
a) 30% of the value of increased export where the export sales of products of the company attained at least 30% of the value added: or
b) 50% of the value of increased export where the export sales of products of the company attained at least 50% of the value added.
The incentive is not applicable to a company if, in the basis period for a year of assessment, the company has been granted any incentive under Promotion of Investments Act 1986, or has made a claim for reinvestment allowance or granted investment allowance under Schedule 7A and 7B of the Income Tax Act 1967 (the Act) respectively, or has been granted exemption under Section 127(3)(b) or 127(3A) of the Act, or has qualified for a deduction under any rules made under Section 154 of the Act including any rules that provide for a higher rate of capital allowances.
No comments:
Post a Comment