Effective from the year of assessment 2018 until the year of assessment 2023, the Minister makes the Income Tax (Deduction for Expenses in relation to Listing on the Main Market, Access, Certainty, Efficiency (ACE) Market or Leading Entrepreneur Accelerator Platform (LEAP) Market of Bursa Malaysia Securities Berhad) Rules 2023 [PUA 235_2023] under paragraph 154(1)(bb) of the Income Tax Act 1967.
Technology-based companies which are involved in the design, development and manufacture, production or application in any of the fields and activities as specified in the Schedule and which have been certified by Bursa Malaysia Securities Berhad as the principal business activity of the technology-based company can claim a tax deduction on certain expenditures related to listing on the Main Market, ACE Market or LEAP Market, as specified in the Schedule.
- The deduction covers fees paid to regulators like Bursa Malaysia and Securities Commission Malaysia and professional fees like advisors, auditors, reporting accountants, etc.
- The total deduction allowed is capped at RM1.5 million per year of assessment.
- The technology-based company can only claim the deduction for the basis period in a year of assessment when the company is listed on one of the approved markets.
- The amount deducted cannot exceed the adjusted income of the technology-based company for that basis period in that year of assessment.
- Where because of an absence or insufficiency of adjusted income in that year of assessment, the deduction cannot be claimed or claimed in full, the deduction in respect of such expenditure shall not be allowed to the technology-based company in any subsequent years of assessment.
In summary, under rules made by the Minister, technology-based companies in Malaysia can claim substantial tax deductions on listing expenditures for the year they list on an approved market, subject to limits based on adjusted income.
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