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TAX REBATE RM60,000 FOR SET UP OF NEW BUSINESSES

1. What is Tax Rebate for Set Up of New Businesses?

According to Short-term Economic Recovery Plan (Penjana), newly formed SME can enjoy Tax Rebate of up to RM20,000 per Year of Assessment for first 3 Years.

2. Who entitled this rebate?

Those SME registered under the Companies Act 2016 (Sdn. Bhd.) and start their operation within the period 1st of July 2020 until 31st December 2021.

3. When will the rebate start effective?

The rebate start from 1st July 2020 and end on 31st December 2021.

4. How to claim this rebate?

Amount of rebate is based on company operating expenses and capital expenditure
It is up to RM 20,000
To claim this rebate, the company has to buy NEW facility, plant and equipment (Cannot be transferred from existing or related company)
For example, if the company spent only RM 15,000 on operating expenses and capital expenditure, they can claim up to RM 15,000 rebate; if they spent RM 50,000 on operating expenses and capital expenditure, they can claim up to RM 20,000

Example Total Tax Rebate
Operating expenses / Capital expenditure 15,000 15,000
Operating expenses / Capital expenditure 20,000 20,000
Operating expenses / Capital expenditure 50,000 20,000
• Amount of rebate is based on the actual amount
• The Maximum rebate will be RM20,000
   
5. Can I carry forward the tax rebate to next year if I didn’t fully utilize it within any of the 3 years?
No, the tax rebate cannot be carried forward to the next year.

6. Any other conditions?
The company must be SME (Paid-up capital of RM2.5 million and below with annual sales not exceeding RM50 million per annum)
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