Daily Tax Report: International

Malaysia Prime Minister Announces Tax Relief Measures Due to Coronavirus

July 2, 2020, 5:00 AM

The Malaysian Prime Minister’s Office June 5 announced proposed tax relief due to the coronavirus pandemic. The proposal includes measures to: 1) implement a three-year income tax rebate of up to 20,000 Malaysian ringgit (US$4,668) per year for small and medium enterprises (SMEs) incorporated between July 1, 2020, and Dec. 31, 2021; 2) introduce a 10-year, 0 percent tax rate for manufacturers with capital investments from 300 million ringgit (US$70 million) to 500 million ringgit (US$116.6 million), and a 15-year 0 percent rate if capital investments exceed 500 million ringgit; 3) provide a three-year, 100 percent investment tax allowance to...

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