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Customs Duties (Exemption)(Amendment) Order 2024

The Customs Duties (Exemption) (Amendment) Order 2024 [P.U (A) 63/2024], gazetted on 26 February 2024, introduces amendments to the Customs Duties (Exemption) Order 2017. This amendment order specifically adds "Jadestone Energy (Malaysia) Pte. Ltd." to the list of companies that qualify for customs duty exemption on approved materials and equipment imported for use in petroleum and gas upstream operations. With this amendment, Jadestone Energy Malaysia now enjoys the same exemption from customs duties when importing such qualifying goods, subject to certain conditions on usage, record keeping, and restrictions on sale/disposal. The amendment aims to support petroleum exploration companies operating in Malaysia through tax incentives that lower business costs. References:

322.1 [P.U (A) 63_2024] Customs Duties (Exemption)(Amendment) Order 2024
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322.2 [P.U. (A) 445_2017] Customs Duties (Exemption) Order 2017
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