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BUSINESS • 19/10/2024 12:11 AM

Govt Proposes Tax Incentives For Increased Exports Expanded To IC Design Services

KUALA LUMPUR, Oct 18 (Bernama) -- The government has proposed that tax incentives for increased exports for the service sector be expanded to integrated circuit (IC) design services, according to the Ministry of Finance (MoF).

The ministry said the proposal was made to support the mission under the New Industrial Master Plan 2030 (NIMP 2030) to make Malaysia a hub for advanced integrated circuit (IC) design technology and solutions. 

"The effective date is from assessment year 2025,” the MoF said in an appendix issued alongside the tabling of Budget 2025 today. 

Currently, companies that carry out selected service activities and successfully increase exports are eligible to claim tax exemptions of up to 70 per cent of statutory income equivalent to 50 per cent of the value of increased exports.

Among the service activities selected for tax incentives for increased exports are legal services, architecture, accounting, marketing, office services, construction management, publishing, private education and printing.

-- BERNAMA

 

 

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