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Extension of Tax Incentive for Pharmaceutical Companies

Updated: Nov 9, 2022

To Download Budget 2023 Speech and some other related publications - https://t.me/YourAuditor/3276

Current Position

To attract investment in Malaysia on the part of makers of pharmaceutical products, including vaccines, in particular, the COVID-19 vaccine, Manufacturer of pharmaceutical products is eligible for tax incentive as follows::

  • income tax rate of 0% up to 10%for the first 10 years; and

  • income tax rate of 10% for the subsequent 10 years.

The tax incentives will be effective for applications received by the Malaysian Investment and Development Authority from November 7, 2020, to December 31, 2022.

Proposal

To further encourage the development and manufacturing of pharmaceutical products, particularly vaccines, the proposed tax incentive is extended for 3 years.

Effective Date

For applications received by MIDA from January 1, 2023, until December 31. 2025.



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