In 2016, Malaysia introduced an incentive for the Shipbuilding and Ship Repairing (SBSR) industry with the aim of encouraging industry players to build their capabilities and capacities to meet the ever-challenging and competitive global landscapes.
The incentive was set to expire, but it has been extended until 31 December 2022 to drive investments in the sector and help companies face future challenges.
Budget 2023 Proposal: To position Malaysia as a regional hub for SBSR, it is proposed that the tax incentive be extended for 5 years for SBSR applications received by MIDA from 1 January 2023 until 31 December 2027.
The extension of this incentive falls under Strategy 1: Driving Investments of Budget 2021.
The main objectives of the incentive are to stimulate the SBSR industry's growth further, promote and attract investments in emerging technologies related to SBSR, and support and increase the industry's competitiveness in facing the changing demand of seaborne trade and environmental concerns.
The SBSR industry is a critical sector for Malaysia, contributing significantly to the country's economy and providing numerous job opportunities.
With this incentive, Malaysia is positioning itself as a hub for maritime activities in the region, attracting more investors.
The incentive for SBSR is a boost to the industry and a strategic move towards sustainable development.
The emphasis on emerging technologies related to SBSR highlights the importance of sustainability and environmental concerns in the sector. With this incentive, the industry players can work towards achieving sustainable development and keeping pace with the changing demands of the global market.
In conclusion, the extension of the incentive for the SBSR industry until 31 December 2027 is a timely move by Malaysia's government to drive investments in the sector and help companies face future challenges.
It significantly boosts the industry and reinforces Malaysia's position as a region's maritime activity hub.
The emphasis on emerging technologies and sustainability is a strategic move towards achieving sustainable development, keeping pace with the global market, and promoting environmental conservation.
Procedure for Application
Applications should be made online through the MIDA e-TRANS portal at URL https://investmalaysia.mida.gov.my.
Applications with incomplete information will not be accepted and will be returned to the company.
For enquiries and clarification please refer to:
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