New tax incentive for digital companies begins in May
Published on: Thursday, March 28, 2024
By: Bernama
The new tax incentive is targeted at Malaysia Digital and existing Multimedia Super Corridor status companies.
Kuala Lumpur: The Malaysia Digital Economy Corporation (MDEC) will introduce a new tax incentive for Malaysia Digital (MD) status companies and existing Multimedia Super Corridor (MSC) status companies, said MDEC CEO Mahadhir Aziz.
He said the tax incentive to be announced in May, will be for digital initiatives in intellectual property (IP) and non-IP, and also in the form of investment tax allowance incentives.
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“These incentives will be jointly announced with the digital ministry, the finance ministry and the investment, trade and industry ministry,” he said in a statement at the MDEC’s aspiration for 2024 event.
On the Malaysia Digital Catalytic Programmes (PeMangkinMD) National e-Invoicing Initiative, he said it aims to empower businesses of all sizes to embrace digitalisation and streamline financial processes and also align with the upcoming National Micro, Small and Medium Enterprises Digitalisation Roadmap (NMD2030).
He added that MDEC will spearhead efforts to promote artificial intelligence adoption in the country and is committed to advancing Malaysia towards becoming a global digital powerhouse, driving innovation and positioning the country as the preferred digital hub of Asean.
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