CTOS Data Receives Nod From MIDA For MSC Incentive

CTOS Digital wholly owned major subsidiary CTOS Data Systems Sdn Bhd, has received the approval letter from Malaysian Investment Development Authority via Malaysia Digital Economy Corporation Sdn Bhd on Transition to the MSC Malaysia Status Services Incentive under Income Tax (Exemption)

According to a statement released by the group, the transition tax exemption period is from 1/7/2021 to 8/11/2021, and with this approval, Data will get an immediate reversal of approximately RM4.2mil tax provision from FY 2021. The exemption will boost its Q2 2022 net earnings by a similar amount.

The group has also been asked to submit a new application to MDEC within the next 30 days, in accordance with the new conditions stipulated in the letter, for an extension of tax exemption period for the next five years until 2026.

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