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Tax Incentives for Chicken Rearing in Closed House System

Updated: Nov 9, 2022

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

Current Position

RA was extended to the agricultural sector to encourage local food production and thus assist in increasing its supply.


In Budget 2003, chicken and duck farmers who switched from an open house system to a closed house system were given Reinvestment Allowance (RA) for 15 consecutive years.


The RA is given on 60% of qualifying capital expenditure incurred and is allowed to be set off against 70% (100% for promoted areas) of statutory income.



For YAs 2009 and 2010, chicken and duck rearers who reinvest to expand the closed house system in existing or new locations approved by the Ministry of Agriculture and Agro-based Industry are given incentives as follows:

  • projects located in the promoted areas are eligible for RA of 60% on qualifying capital expenditure to be set off against 100% of the statutory income, and

  • projects located outside the promoted areas are eligible for RA of 60% on qualifying capital expenditure to be set off against 70% of the statutory income.

Proposal

To encourage more chicken rearers to adopt an environmental-friendly closed house system, it is proposed tax incentives be given as follows:

  1. Accelerated Capital Allowance (ACA) 100% on the qualifying capital expenditure; and

  2. Income Tax Exemption of 100% equivalent to the qualifying capital expenditure.

These tax incentives are given on the Qualifying Capital Expenditure incurred from the year of assessment 2023 until the year of assessment 2025 and are to be fully absorbed within a year.

Effective Date

From the year of assessment 2023 until the year of assessment 2025.



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