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280 Companies Start Enjoy Tax Exemption - No Need Bank Guarantee


KUALA LUMPUR, July 17 (Bernama) -- YBhg Dato' Azman Mahmud, CEO of MIDA today announced that a total of 280 companies have enjoyed the import duty and/or sales tax exemption on machinery, equipment, spare parts, consumables, prime movers and container trailers under the Customs Duties (Exemption) Order 2013 and Sales Tax (Exemption) Order 2013 since the inception of the self-declaration mechanism on 2nd May 2014.

According to YBhg Dato', "The self-declaration mechanism is part of the business process reengineering effort by the Government to simplify the mechanism for granting import duty and/or sales tax exemption on machinery, equipment, spare parts, consumables, prime movers and container trailers. Manufacturers in the Principal Customs Area (PCA), companies engaged in the hotel business and haulage operators can claim the exemption under these Orders through a self-declaration process. It has been well received by the companies where the time taken to clear the goods has been reduced without the necessity of obtaining bank guarantee facilities."

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