Westport Berhad has announced that its wholly-owned subsidiary, Westports Malaysia Sdn Bhd has received Ministry of Finance approval with respect to the granting of a ten-year investment Tax Allowance. The ITA granted is for the period from 1 January 2022 to 31 December 2031, and has been granted in order to facilitate the capital expenditure to be incurred by WMSB with respect to existing and future expansion programme.
As part of the ITA, fifty percent of the qualifying capital expenditure incurred by WMSB within the stipulated ten-year period can be offset against its statutory taxable income for each year of assessment within the stipulated ten-year period. The ITA, Westport said was granted following consultations with the Ministry of Finance and with the conditions, among others, that WMSB is required to incur a minimum of RM4.0 billion in capital expenditure with respect to its terminals during the stipulated ten-year period.
