Tax Incentives for The Manufacturing Sector Part 2 Read the full story in our blog https://lnkd.in/ecqK-_QZ Source : MIDA INCENTIVES FOR THE MANUFACTURING SECTOR https://lnkd.in/ea9ra64R 𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru 𝐊𝐓𝐏 (𝐀𝐮𝐝𝐢𝐭,𝐓𝐚𝐱, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3jZuZuI Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn 𝐓𝐇𝐊 (𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥, 𝐁𝐨𝐨𝐤-𝐊𝐞𝐞𝐩𝐢𝐧𝐠/𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource book keeping and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/3nQ98rs

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09/06/22
Tax Incentives For
The Manufacturing Sector

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#AskThkSec
09/06/22
Tax Incentives For
The Manufacturing Sector
The major tax incentives for
companies investing in the
manufacturing sector are the
Pioneer Status (PS) and …

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09/06/22
Tax Incentives For
The Manufacturing Sector
The major tax incentives for
companies investing in the
manufacturing sector are the
Investment Tax Allowance
(ITA).

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09/06/22
Tax Incentives For
The Manufacturing Sector
Eligibility for PS and ITA is
based on certain priorities,
including the level of value-
added, technology used and
industrial linkages

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09/06/22
Tax Incentives For
The Manufacturing Sector
Eligible activities and products
are termed as “promoted
activities” or “promoted
products”

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09/06/22
Tax Incentives For
The Manufacturing Sector
A company granted ITA is entitled
to an allowance of 60% on its
qualifying capital expenditure
(factory, plant, machinery or other
equipment used for the approved
project)

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09/06/22
Tax Incentives For
The Manufacturing Sector
The company can offset this
allowance against 70% of its
statutory income for each year
of assessment.

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09/06/22
Tax Incentives For
The Manufacturing Sector
Any unutilised allowance can
be carried forward to
subsequent years until fully
utilised.

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09/06/22
Tax Incentives For
The Manufacturing Sector
The remaining 30% of its
statutory income will be taxed
at the prevailing company tax
rate.

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09/06/22
Tax Incentives For
The Manufacturing Sector
Applications should be submitted
to MIDA.