Updated: Nov 9, 2022
To Download Budget 2023 Speech and some other related publications - https://t.me/YourAuditor/3276
The hotel industry has the opportunity to advertise itself as an enabler and assist in promoting the use of local handicraft products within the premises.
Some examples of these products include songket decorations, ceramic, and wood-based products.
When an eligible asset is purchased for the first time, a Capital Allowance is granted under Schedule 3 of the Income Tax Act 1967. Subsequent purchases to replace an asset with a value of less than RM2,000 are eligible for a tax deduction under Section 33 of the Income Tax Act 1967.
It is proposed that a special tax deduction be given for expenditures on qualified Malaysian-made handicrafts purchased from handicraft entrepreneurs certified by Perbadanan Kemajuan Kraftangan Malaysia incurred by hoteliers.
The amount of this deduction would be capped at RM500,000.
The purpose of this proposal is to support the recovery of Malaysian-made handicraft.
For eligible expenditure on handicraft products incurred from 1 January 2023 until 31 December 2023
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