Printer Friendly

Malaysia : Govt. announces new incentives for shipbuilding, ship repair sector.

The government has unveiled new incentives for the shipbuilding and ship repair sector, which will allow new businesses to enjoy pioneer status with 70% of income tax exemption on statutory income for 5 years.

They will alternatively enjoy investment tax allowance of 60% on the qualifying capital expenditure incurred within 5 years from the date the maiden qualifying capital expenditure is incurred.

For current shipbuilding and ship repair firms, they can now enjoy investment tax allowance of 60% on the additional qualifying capital expenditure incurred within 5 years.

In a statement issued by the Malaysian Investment Development Authority (MIDA), the new incentives were unveiled by International Trade and Industry Minister Datuk Seri Mustapa Mohamed, who said, "These new incentives are applicable for all areas in Malaysia with the objective to boost the growth of the industry in line with the Malaysian Shipbuilding and Ship Repair Industry Strategic Plan 2020 and the 11th Malaysia Plan."

[c] 2016 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2016 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2016 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Geographic Code:9MALA
Date:Aug 12, 2016
Words:167
Previous Article:Canada : TCE secured federal funds of almost $3m for the development of wind energy sector.
Next Article:Netherlands : Port of Rotterdam says bunkering of Ternsund tanker underway.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters