The Ministry of Finance has gazetted the Income Tax (Relocation of Manufacturing Business Incentive Scheme) Rules 2023 which provide tax incentives for manufacturing companies relocating to Malaysia.
The scheme is deemed to have taken effect from the year of assessment 2021.
It applies to new manufacturing companies relocating facilities or setting up new operations in Malaysia that meet the eligibility criteria.
Under the scheme, approved companies carrying out qualifying manufacturing activities will enjoy a 0% tax rate for 10-15 years, depending on the amount invested.
To qualify, companies must invest at least RM300 million in fixed assets within 3 years and employ at least 80% Malaysians by the third year of operations.
Companies already enjoying other tax incentives like reinvestment allowance, investment tax allowance, pioneer status etc., are not eligible to apply for this scheme.
Interested manufacturing companies should review the gazetted rules to understand the details and qualification criteria.
The rules can be downloaded below:-
Companies meeting the criteria can apply to the Minister of Finance through MIDA until 31 December 2024.
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