Malaysia Hotline: +603- 2141 8908
In
Malaysia, agriculture industry generates approximately 12 percent to the national
gross domestic product (GDP) and also reduce unemployment rate in Malaysia. A
number of departments and organizations are involved to ensure smooth progress
of agriculture industry in the country. Among some of the departments are
Department of Agriculture, Department of Fisheries, Malaysia Agriculture Bank
(BPM), Farmers’ Organization Authority (FOA), Malaysian Agricultural Research
and Development Institute (MARDI) and plenty more.
Plenty
of the allowances and incentives for the agricultural industry were introduced
and implemented according to National Agricultural Policy (NAP). It was
introduced in an effort to develop and elevate the sector to global market and
attract more investors to invest in Malaysia.
What is
Qualifying capital expenditure?
Qualifying
capital expenditure is defined to include expenditure incurred on:
•
Clearing and preparation of land
•
Planting of crops
•
Provision of plant and machinery used in Malaysia for the purpose of crop
cultivation; and
•
Construction of access roads including bridges, construction or purchase of
buildings (including those provided for the welfare of people or as living
accommodation), and structural improvements on land or other structures which
are used for crop cultivation. Such roads, bridges, buildings, structural
improvements on land and other structures should be on land forming part of the
land used for the purpose of such crop cultivation.
In view
of the time lag between start-up and processing of the produce, integrated
agricultural projects qualify for ITA for an additional five years for
expenditure incurred for processing or manufacturing operations.
Related
business:
1) Food
Production Incentives for New Projects
2) Food
Production - Existing Companies which Reinvest
3)
Incentives for 'Halal' Products
i.
Production of Halal Food
ii.
Halal Industry Development Corporation (HDC) Incentives
iii.
Double Deduction for Expenses to Obtain Halal Certification and Quality Systems
and Standards Certification
Additional
Incentives for the Agricultural Industry:
1)
Reinvestment Allowance
2)
Reinvestment in Resource-Based Industries
3)
Reinvestment in Food Processing Activities
4)
Accelerated Capital Allowance
5)
Agricultural Allowance
6) 100%
Allowance on Capital Expenditure for Approved Agricultural Projects
7) Tax
Exemption on the Value of Increased Exports
8)
Incentives for Companies providing Cold Chain Facilities and Services for Food
Products
i.
Incentives for New Companies
ii.
Incentives for Existing Companies that Reinvest
9)
Double Deduction on Freight Charges for Export of Rattan and Wood-based
Products
Contact
us
If
you have further queries, please contact Tannet
24
hours Malaysia hotline：603-21418908;
24
hours Hong Kong hotline：852-27837818;
24
hours Hong Kong hotline：86-755-
36990589;
Email:
mytannet@gmail.com