Miti unveils incentives for shipbuilders

Encouraging growth: Malaysia Marine and Heavy Engineering is one of the six large shipyards in the country which have repairing capabilities of more than 600 tonnes displacement.

PETALING JAYA: Existing and upcoming shipbuilding and ship repair companies in the country are expected to enjoy huge incentives in the form of a new tax exemption introduced by the International Trade and Industry Ministry (Miti).

According to Miti, new companies will be able to enjoy either pioneer status with a 70% income tax exemption on their statutory income for a period of five years, or an investment tax allowance of 60% on the qualifying capital expenditure (capex) incurred within five years from the date the first qualifying capex is incurred.