The petroleum industry in Malaysia contributes to the country's revenue.
The Petroleum Development Act 1974 (PDA) granted PETRONAS exclusive petroleum exploration and exploitation rights in Malaysia.
PETRONAS regulates petroleum operations, including awarding Production Sharing Contracts (PSC) for exploration.
Field Development Plans (FDP) for petroleum agreements require PETRONAS approval.
Floating Production Systems (FPS), Floating Production Storage & Offloading (FPSO), and Floating Storage & Offloading (FSO) are used in oil and gas production.
A lease is an agreement where the lessor provides an asset for use by the lessee with fixed or flexible rent and a specified period.
The guideline clarifies the tax treatment of lease expenses for special assets like FPS, FPSO, and FSO.
The lessor is the owner of the leased asset.
Lease expenses can qualify for deduction under subsection 15(1) of PITA.
Capital expenditures may qualify for capital allowance under the Second Schedule, PITA.
The articles, templates, and other materials on our website are provided only for your reference.
While we strive to ensure the information presented is current and accurate, we cannot promise the website or its content, including any related graphics. Consequently, any reliance on this information is entirely at your own risk.
If you intend to use the content of our videos and publications as a reference, we recommend that you take the following steps:
Verify that the information provided is current, accurate, and complete.
Seek additional professional opinions, as the scope and extent of each issue may be unique.
Keep in touch with us so that you can receive timely updates
6. LinkedIn ✍ https://www.linkedin.com/company/74734209/admin/
7. Threads ✍ https://www.threads.net/@ccs_your_auditor
8. 小红书 ID ✍ 2855859831