Marine Cargo Insurance Double Deduction Malaysia

Timber companies in sabah can deduct double the amount of freight charges incurred.

Marine cargo insurance double deduction malaysia. Malaysia date of issue. In the life fund is allowed a tax deduction under the shareholders fund. 1 2 the expenditure that qualifies for double deduction. 3 april 2008 issue.

Freight charges certain manufacturing industries located in certain regions of the country e g. Except for marine cargo business for which 25 of premiums reversed and for foreign policies. Double deduction incentive on research expenditure inland revenue board malaysia addendum to public ruling no. Outside malaysia and the insurance policy is issued by an insurer resident in malaysia or.

2 1 for the purposes of ascertaining the adjusted income of a person from a business under the act there shall be allowed a deduction any premium allowable under section 33 of the act payable in respect of insurance of cargo exported by that person provided the risks are insured with any insurance company incorporated in malaysia. 1 1 particular activities that qualify as research. Income that is attributable to a place of business as defined in malaysia is also deemed derived from malaysia w e f the. A addendum page 2 of 5 of being given a double deduction for each relevant year of assessment.

Expenses bringing potential importers to malaysia. 30 december 2004 1. Insurance premium paid for the export or import of cargo insured with local insurance companies a the risks are insured with any insurance company incorporated in malaysia b the insurance premium must be allowed a deduction under s. With effect from year of assessment 2006 double deduction is given as described in paragraph 6 3 of this ruling.

Accruing in or derived from malaysia except for income of a resident company carrying on a business of air sea transport banking or insurance which is assessable on a world income scope. And 1 3 the general procedure for the application for the double deduction incentive in respect of research expenditure. 33 of the ita 1967 pu a 72 1982 y a 1982 and pu a 79 1995 y a 1995 to be revoked w e f. Double deduction for freight charges on 20 february 2013 malaysia published amendments1 to its existing income tax rules2 regarding deductions for freight charges that grants a double deduction for freight charges incurred by a manufacturer of rattan and wood based products excluding sawn timber and veneer.