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Malaysia Extends Income Tax Incentive Applications for the East Coast Economic Region


Malaysia has extended the timeline for applicants seeking income tax incentives for qualifying activities in the East Coast Economic Region to December 31, 2022. The ECER is one of three economic corridors in with the aim to accelerate economic growth in the country. The incentives include up to 100 percent income tax exemption for a wide range of qualifying activities from planting crops to the purchase of machinery for manufacturing to the construction or purchase of a factory or warehouse.


The Malaysian government has officially approved extending the application timeline for income tax incentives in the East Coast Economic Region (ECER). Businesses have until December 31, 2022 to submit their applications to the ECER Development Council to avail the incentives.

What is the East Coast Economic Region?

The ECER is one of three economic corridors established in Peninsular Malaysia to accelerate economic growth in the region. The ECER Development Council is confident of attracting 14 billion ringgit (US$3.1 billion) in committed investments and 7 billion ringgit (US$1. 5 billion) in realized investments for 2022.

In 2021, the ECER had committed investments of 13.4 billion ringgit (US$3 billion), exceeding its target of 12 billion ringgit (US$2.6 billion), and realized investments worth 4.7 billion ringgit (US$1.05 billion).

The other economic corridors in Peninsular Malaysia are Iskandar Malaysia and the Northern Corridor Economic Region.

What are the available income tax incentives?

The income tax incentives depending on the type of activities (qualifying activity), qualifying capital expenditure, and whether the activities are undertaken by a qualifying person.

A qualifying person refers to:

  • A company incorporated under the Malaysia Companies Act of 1965, and is a resident of Malaysia;
  • An agro-based cooperative society;
  • A Farmer’s organization;
  • An association solely engaged in agriculture and is a resident of Malaysia; or
  • A National or State fisherman’s association.

The qualifying activities and qualifying capital expenditures are set out in the following table.

Sector

Qualifying activity

Qualifying capital expenditure

Agriculture

a.       Cultivation of vegetables, fruit, herbs, cocoa, or spices

b.      Aquaculture

c.       Rearing of cattle, buffalo, sheep, quail, turkey

d.      Inland fishing or deep-sea fishing

e.       Plantation of crops for energy generation

f.        Floriculture

a.       Planting crops

b.      Clearing and preparation of land

c.       Construction or purchase of buildings

d.      Provision of machinery or plant

e.       Provision of irrigation system

f.        Structural improvements on land

Agriculture-related services

a.       Collecting and marketing of agriculture produce

b.      Collecting, processing, and packaging of agriculture produce

a.       Construction or purchase of a building used for warehousing, packaging, or distribution

b.      Construction or purchase of a factory

Information, communication, and technology

Information, communication, and technology services

Purchase or construction of the plant, machinery, or building

Education and training

Establishment of universities, skill training centers, colleges, research and development centers

Purchase or construction of a building

Manufacturing

a.       Selected agro-based products

b.      Selected manufactured products

a.       Purchase or construction of a building, factory, or plant

b.      Provision of machinery

Oil, gas, and petrochemical

Selected activities related to oil, gas, and petrochemical products

a.       Purchase or construction of a building, factory, or plant

b.      Provision of machinery

Manufacturing related services

Selected manufacturing-related services

Purchase or construction of a building, factory, or plant

 

Hotels

Hotel operation

a.       Purchase or construction of a hotel building

b.      Renovation of a hotel

c.       Provision of machinery

Tourism

a.       Urban tourism

b.      Mainland coastal tourism

c.       Integrated resorts

d.      Eco-tourism

e.       Theme parks or amusement parks

f.        Medical tourism

g.       Cultural, conference, and exhibition center

a.       Clearing and preparation of land

b.      Provision of animals

c.       Planting of trees and other plants

d.      Construction of roads and other infrastructure within the tourism project

e.       Construction or purchase of buildings

f.        Structural improvements to land or buildings

Culture and heritage

a.       Woodcarvings

b.      Making of traditional kites

c.       Making of brassware or silverware

Construction or purchase of building of machinery or plant

Income tax exemption (no.4) order 2016

Income tax exemption (no.4) order 2016 exempts a qualifying person from paying income tax on their statutory income for five consecutive years. The statutory income is equivalent to 100 percent of the qualifying capital expenditure incurred by the person and needs to be derived from a qualifying activity.

Income tax exemption (no.5) order 2016

Under tax exemption no. 5, eligible businesses can receive an income tax exemption equivalent to between 60 percent to 100 percent of qualifying expenditure incurred by a qualifying person.

Income tax exemption (no.6) order 2016

Through income tax exemption no.6, a qualifying person can receive a 100 percent income tax exemption on their statutory income derived from qualifying activities for 10 consecutive years. The exemption, however, excludes income from intellectual property rights.

Income tax exemption (no.7) order 2016

Income tax exemption no.7 provides income tax exemption of between 70 to 100 percent of qualifying expenditure incurred by a qualifying person.

Income tax exemption (no.8) order 2016

Income tax exemption no. 8 provides a 100 percent income tax exemption for 10 consecutive years to an approved developer on statutory income derived from:

  1. The disposal of land or building located in an industrial park or a free zone; or
  2. The rental of a building located in an industrial park or a free zone.

Income tax exemption (no.9) order 2016

Under this tax exemption, a qualifying person can receive a 100 percent income tax exemption for 10 consecutive years if their statutory income is derived by:

  1. A development manager on the provision of supervisory or marketing services related to the development of an industrial zone or free zone; or
  2. A park manager on the provision of park management services, which includes the rental, maintenance or common facilities, and utilities in an industrial park or free zone.

Income tax deduction for the sponsorship of hallmark events

The incentive provides an income tax deduction equal to a cash contribution or contribution in kind made by a qualifying person for a hallmark event, capped at 1 million ringgit (US$224,000) for each year.

Income tax deduction for investment in qualifying activities

An income tax deduction is available on the value of investments made to a related company for the sole purpose of financing a qualifying activity of the related company.


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