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Malaysia offers variety of tax incentives for variety of industry that the country wishes to promote, such as manufacturing, ICT, tourism, healthcare, education, international distribution and procurement, research and development, and etc. These incentives are offered in the form of exemption of income, extra allowances, double deduction, exemption of duties and indirect taxes, and etc. The government/ministry even consider tax payer special application of tax incentive (which is not specifically provided for in the legislation), which is tailored made and know as “pre-package” incentive under Section 127 of the Income Tax Act, 1967.
However, the applicant must take note that most of the tax incentives offered are mutually exclusive. As such, it is important to understand the mechanism of the tax incentive as to make a right choice of tax incentive to maximise the tax benefits.
1. Major Tax Incentives
• Pioneer status
• Investment tax allowance
• Reinvestment allowance
2. Specific Tax Incentives
• Green investment tax allowance
• Malaysia Multimedia Super Corridor (“MSC”) status
• Principal Hub
• Global Trading Centre
• Research and Development
• Intellectual Property (IP)
3. Application of Tax Incentives
Ho Yi Hui has over 19 years’ experience in tax compliance and tax advisory assignments. She is now an Executive Director of Hanz Consulting Group Sdn Bhd (“Hanz”). Before joining Hanz, she worked with BDO Tax Services Sdn Bhd (“BDO”) and RSM Tax Services Sdn Bhd (“RSM”). As an Executive Tax Director of BDO and RSM, she has been involved in the provision of tax compliance matters of public listed companies, multinationals and medium to large private companies. She has handled tax matters for corporations of various sizes involved in construction, property development, hotels, insurance, and manufacturing. Since 2009, she has been extensively involved in representing tax payers in resolving tax audit and tax investigation cases with the Malaysian Inland Revenue Board. In addition, she has assisted clients in the preparation of transfer pricing documentation. She is a fellow member of the Association of Chartered Certified Accountants (ACCA). Apart from this; she is a licensed tax agent under Section 153 of the Income Tax Act, 1967 and licensed GST Tax Agent under Section 170 of the GST Tax Act 2014. She is also a professional trainer certified by the Human Resources Development Fund (HRDF).