Malaysia Gazettes Income Tax Exemption Order 2023

The Malaysian Official Gazette Aug. 15 published Order No. P.U. (A) 240/2023, on income tax exemptions for qualifying activities of manufacturing companies. The order includes measures: 1) providing a five-year income tax exemption for income derived from qualifying activities, starting from the date of the initial qualifying capital expenditure made by a qualifying company; 2) setting eligibility criteria for qualifying companies, including a minimum fixed asset investment of 300 million Malaysian ringgit (US$64.8 million) within three years, and the employment of at least 80 percent full-time Malaysian employees; 3) specifying the calculation of qualifying capital expenditures, including factories, machinery, and ...