Discuss in detail the incentives for malaysian tax purposes

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Reference no: EM133206867

Assignment - Tax Incentives Offered by the Malaysian Government to Manufacturing Agricultural & Tourism Activities Paper

QUESTION 1 - Malaysia has many attractive tax incentives for manufacturing, agriculture, and tourism activities. These incentives include pioneer status, investment tax allowance, reinvestment allowance, double deduction, etc. which are given with the objectives of developing Malaysia into a developed country, as well as changing the economy of the country from agriculture-based to industrial-based.

A company that desires to participate in a promoted activity or produces a promoted product may make an application to the Malaysian Investment Development Authority (MIDA) for pioneer status, investment tax allowance or reinvestment allowance

REQUIRED - Discuss in detail the incentives for Malaysian tax purposes. Your discussion should include a detailed explanation of ANY ONE (1) of the above tax incentives.

QUESTION 2 - The government is also undertaking a comprehensive study of the existing tax incentive structure to provide a competitive, transparent and more attractive tax incentive framework. For example, to provide space for the study to be completed, it is proposed that incentives including aerospace, building and repair of ships, BioNexus and Economic Corridors which expire in 2020 to be extended to 2022.

An Approved Incentive Scheme is proposed for high technology activity in the manufacturing and services sectors and other activities which benefit the Malaysian economy. Under the scheme, a concessionary tax rate of not more than 20% is to be prescribed by the Minister of Finance.

Malaysia government also offer various tax incentives for the relevant industry sectors as the pre-eminent preferred investment destination

REQUIRED - Discuss in detail the incentives for Malaysian tax purposes. Your discussion should include a detailed explanation of ANY ONE (1) of tax incentives from ANY industries which available in Malaysia.

Reference no: EM133206867

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