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PR No. 2/2023 – Tax incentive for investment in a BioNexus status company
HASiL has published PR No. 2/2023: Tax incentive for investment in BioNexus status company, dated 4 October 2023. This new 9-page PR replaces PR No. 10/2018, which was issued on 4 December 2018 (see Tax Alert No. 24/2018). The new PR comprises the following paragraphs and sets out four examples:
1.0 Objective
2.0 Relevant provisions of the law
3.0 Interpretation
4.0 Introduction
5.0 Criteria for investor
6.0 Tax incentive
7.0 Cessation of tax incentive
8.0 Non-application
9.0 Revocation
10.0 Updates and amendments
11.0 Disclaimer
The content of this new PR is broadly similar to the earlier PR which explains the tax incentives offered to an investor who has invested in a BioNexus status company in Malaysia. The PR was updated to reflect the extension of the BioNexus Status incentive to 31 December 2022, pursuant to the Income Tax (Deduction for Investment in a BioNexus Status Company) (Amendment) Rules 2022 [P.U.(A) 212].
This new PR must be read together with PR No. 1/2020: Tax Incentives for BioNexus status companies (see Tax Alert No. 9/2020).