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Yes.
This industry is entitled to double deduction for promotion of export,
under Section 41(3) of Income Tax (Promotion of Exports) Rules 1986].
The
Act stated that:
“Approved outgoing and expenses incurred by resident companies for the
purpose of seeking opportunities, or in creating or increasing a demand,
for the export of goods are eligible for double deductions.
Only
expenses which are of revenue nature and allowable under section 33 and
also not prohibited by Section 39(1) of the Income Tax Act in computing
the adjusted income of the company will qualify for such double
deductions.
These
outgoing expenses are:-
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(a)
publicity and advertising expenses in any media outside Malaysia.
(b) expenses directly attributable to the provision of samples
without charge to prospective customers
outside Malaysia, including the cost on delivery of the sample;
(c)
expenses directly attributable to carrying out export market
research or the obtaining of export marketing
information;
(d) expenses
by way of fares in respect of travel to a country outside Malaysia by a
representative of the
company, being travel necessarily undertaken for the purpose of
negotiating or concluding contracts
for sale of goods on behalf of the company or for the purpose of
participating in trade fairs or trade or
industrial exhibitions approved by the Minister, and actual expenses,
subject to a maximum of RM200 per day for accommodation and sustenance for the whole of the period
commencing with the representative’s departure from Malaysia and ending with his return to
Malaysia.
(e) expenses directly attributable to the provision of exhibits for
trade fairs or trade or industrial exhibitions
approved by the Minister other than expenses.”
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I
want to buy
Top
FreeAdvice
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The
liberalization of the international trading environment and the removal
of the GSP schemes by the United States in 1997 will provide both
opportunities and challenges for the country’s exports. In this
respect, there is still considerable scope for the expansion of
manufactured exports considering that the country’s share of
manufactured export in the global market is only about 1.0 per cent. In
order to sustain the growth of export-oriented industries, efforts will
be made to build upon existing comparative advantages, diversify exports
and penetrate new markets. The opportunities for export will be matched
with competent market-oriented trade and export policies and programmes.
In this regard, MATRADE is expected to provide more dynamic services to
exporters.
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Trade
promotion, through participation in international trade fairs, will
continue to be encouraged with greater emphasis on the quality of the
exhibited products. Efforts will also be undertaken to promote Malaysian
brand names through more intensive advertising and marketing. The
newly-formed GTCS will conduct market studies and organize fact-finding
missions, particularly to new markets. Information on market opportunities will be disseminated through seminars
with the private sector. Assistance will also be provided by MATRADE in
sourcing for raw materials and semi-processed products required as
inputs for the manufacturing sector with the objective of reducing the
costs of production.
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A focussed
export -targetting approach will be taken to increase the market share
of Malaysian exports, particularly in markets that have the potential
for increased demand of such goods. In this regard, MATRADE will work
together with the private sector to promote Malaysian products
particularly, resource-based products in foreign markets and organize
exhibition of such products. Efforts will be taken by MATRADE to upgrade
the marketing capabilities of the private sector through training and
consultation on various aspects such as product design, packaging and
labelling. |
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