Malaysia Tax Agency Issues General Ruling on Investment Tax Allowance for Specific Companies

The Malaysian Inland Revenue Board Nov. 10 issued General Ruling No. 4/2023 on investment tax allowance for specific companies. The ruling explains: 1) relevant definitions; 2) the companies in sectors such as manufacturing, agriculture, and technology, which require large investments, are subject to a tax incentive in the form of an investment tax allowance; 3) the procedure for grant of approval for investment tax allowance; 4) the use of qualifying expenditure (QE) incurred in calculating investment tax allowance, along with certain conditions; 5) the conditions under which the approval for investment tax allowance can be withdrawn; and 6) surrender of ...