Updated: Nov 9, 2022
To Download Budget 2023 Speech and some other related publications - https://t.me/YourAuditor/3276
Under the National Automotive Policy 2020 and the Low Carbon Mobility Blueprint 2021 - 2030, Malaysia is making significant strides toward developing an ecosystem for electric mobility.
It is of the utmost importance to ensure that the product can be produced locally at competitive prices to expand the infrastructure network of charging equipment.
It is proposed that the following tax incentives be offered to better complement the ecosystem for electric vehicles and to attract immediate high-value investment in the manufacturing of electric vehicle charging equipment.
an exemption from income tax equalled 100% of the statutory income beginning with the year of assessment 2023 and continuing until the year of assessment 2032. Companies that make early investments can enjoy tax exemption for up to 10 years. In the meantime, companies that undertake investments after the year of assessment 2023 are eligible to only benefit from the exemption for the remaining time period; or
Investment Tax Allowance of 100% for 5 years, and it can be used to offset up to 100% of statutory income for each year of assessment.
For applications received by the Malaysian Investment Development Authority (MIDA) from 8 October 2022 until 31 December 2025.
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