1 incentives for the aerospace, shipbuilding & shiprepairing industries in malaysia...
TRANSCRIPT
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Incentives for the Aerospace,
Shipbuilding & Shiprepairing Industries in
Malaysia
_____________________________Malaysian Industrial Development
Authority
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Established in 1967 under Act of Parliament, 1965
The principal Malaysian Government agency responsible for the promotion and coordination of industrial development in the country
First point of contact for investors who intend to set up projects in the manufacturing and its related services sectors in Malaysia
On 27 March 2004, the Government has also mandated MIDA to become the single window for services sector
Malaysian Industrial Development Authority (MIDA)
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Functions of MIDA
PLANNING
• Planning for industrial development
• Recommend policies and strategies
on industrial promotion and
development
PLANNING
• Planning for industrial development
• Recommend policies and strategies
on industrial promotion and
development
PROMOTION
• Foreign Direct Investment
• Domestic Investment
• Cross Border Investment
• Manufacturing Related Services
PROMOTION
• Foreign Direct Investment
• Domestic Investment
• Cross Border Investment
• Manufacturing Related Services
FOLLOW-UP/MONITORING
• Assist companies in the
implementation and operation of
their projects
• Advisory Services
FOLLOW-UP/MONITORING
• Assist companies in the
implementation and operation of
their projects
• Advisory Services
EVALUATION
• Manufacturing licences
• Tax incentives
• Expatriate posts
• Duty exemption
• RDC, IPC and R&D status
EVALUATION
• Manufacturing licences
• Tax incentives
• Expatriate posts
• Duty exemption
• RDC, IPC and R&D status
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Government Representatives based in MIDA
Immigration Department
Royal Customs Department
Department of Occupational
Health & Safety
Department of Environment
Ministry of Finance
Ministry of Human Resource
Telekom Malaysia Berhad
Tenaga Nasional Berhad
Immigration Department
Royal Customs Department
Department of Occupational
Health & Safety
Department of Environment
Ministry of Finance
Ministry of Human Resource
Telekom Malaysia Berhad
Tenaga Nasional Berhad
Functions
Advise and assist investors on matters relating to tax, labour, immigration, customs, utilities, occupational, safety, and health, and environment
Coordinate applications for approval and other matters under the purview of the relevant ministries and departments
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Functions of MIDAFunctions of MIDA
STATUS OF INDUSTRIES
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Background of Aerospace IndustryFunctions of MIDAFunctions of MIDABackground of Aerospace Industry
• Aerospace sector in Malaysia is relatively new and undeveloped
• Military’s requirement – supervised by the Defence Ministry
• Civil aviation – regulated by the Department of Civil Aviation
• The industry can be divided into 3 sectors:
1) Light Aircraft Assembly
2) Parts & Components Manufacturing
3) Repair/Overhaul/Maintenance Activities
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Functions of MIDAFunctions of MIDA Current Status
COMPANIES IN PRODUCTION :
(Licenced/non-licenced companies)
Parts/Components Manufacturing - 7
Repair/Overhaul/Maintenance Activities – 28
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Functions of MIDAFunctions of MIDAAerostructure Manufacturing & Design
Companies In Malaysia
Composite Manufacturing:
• CTRM - Government Owned Company• ACM - A Boeing, Hexel and Malaysian JV Company
Metal Manufacturing:
• SME AEROSPACE - Malaysian Private Company• UPECA AEROTECH - Malaysian Private Company• LKT ENGINEERING - Malaysian Private Company
Aerospace Design Houses: ouses:
• CTRM EXCELNET - Government Owned Company• AVIATION DESIGN CENTRE - Malaysian Private Company• STRAND AEROSPACE MALAYSIA - UK Company in Malaysia
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Functions of MIDAFunctions of MIDAStatus of Shipbuilding & Shiprepairing
Industry
• The shipbuilding and shiprepairing industry includes the manufacture of ships, boats, patrol vessels, barges, leisure crafts, yachts, hydrofoils, hovercrafts and shiprepairing activities.
• This industry is fragmented, with majority of the companies being small-sized shipyards
• There are six large shipyards involved in shipbuilding & shiprepairing and metal fabrication activities.
• The largest shipyard is capable of building vessels up to 30,000 DWT and repairing vessels of up to 450,000 DWT.
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Functions of MIDAFunctions of MIDAStatus (cont…)
MAJOR SHIPYARDS
• MALAYSIA MARINE AND HEAVY ENGINEERING (MMHE)
• BOUSTEAD NAVAL SHIPYARD
• SABAH SHIPYARD
• RAMUNIAN SHIPYARD
• SASACOM SHIPYARD
• MUHIBBAH MARINE ENGINEERING
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Policies
Manufacturing Licence
Under the Industrial Coordination Act (ICA), 1975 manufacturing companies are required to apply for manufacturing licence if:
i) shareholders fund is RM2.5 million or more; or
ii) full-time employees is 75 or more
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Equity Ownership
• 100% foreign equity ownership is allowed, irrespective of the level of exports
Repatriation of Profits
• Liberal Exchange Control Policy. Companies are free to repatriate profits, dividends, commissions and royalties
Government’s Delivery System
• Special project officers in MIDA to ‘hand-hold’ and assist investors in obtaining all necessary approvals until they are operational
Policies (cont…)
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Expatriate postsAutomatic approval to employ any number of expatriates required:
Policies (cont…)
Companies No.of Post Eligible
Duration
Foreign paid-up capital of US$2 million and above
Up to 10 posts (including 5 key posts)
• Key post-permanent
• Exec.post-10 years
• Non-exec.post-5 years
Foreign paid-up capital of more than US$200,000 but less than US$2mil.
Up to 5 posts(incl. at least 1 key post)
• Key post-permanent
• Exec-post – 10 years
• Non-exec.post-5 years
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INCENTIVES
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Functions of MIDAFunctions of MIDAIncentives
The major incentives are provided under:
1) Promotion of Investments Act (PIA), 1986
2) Income Tax Act, 1967
3) Customs Act, 1967 / Sales Tax Act, 1972
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Functions of MIDAFunctions of MIDA
Promotion of Investments Act (PIA), 1986
Incentives
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Functions of MIDAFunctions of MIDA
General Incentives
Incentives
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Functions of MIDAFunctions of MIDAIncentives
Pioneer Status
• Partial/full relief from payment of income tax
• Exemption of income tax on 70% / 100%* of statutory income for 5 years
Investment Tax Allowance (ITA)
• 60% / 100%* of qualifying capital expenditure incurred within 5 years deducted from statutory income
• Deduction of 70% / 100%* of statutory income in any one year
* Location in Eastern Corridor/Sabah/Sarawak
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Functions of MIDAFunctions of MIDAIncentives
Criteria For Granting Pioneer Status / ITA
• Promoted product/activity• Value added – at least 25%• Managerial, Technical and Supervisory Index
- At least 15%
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Functions of MIDAFunctions of MIDAIncentives
Promoted products/activities
Aerospace, Shipbuilding and Shiprepairing Industries:
i) Manufacture and assembly of aircraft;ii) Manufacture of aircraft equipment, components, accessories or parts thereof;iii) Manufacture of ground support equipment for the aerospace industry; iv) Maintenance, repair, overhaul or service (MRO) of aircraft, aircraft components or accessories or testing and repairing of avionics
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Incentives
Promoted products (cont…)
v) Hovercraft, leisure craft;vi) Shipbuilding*vii)Shiprepairing* viii) Steel fabricated products*ix) Engineering supporting products/activities such as metal castings, forgings, surface treatment, machining etc.
* promoted in Eastern Corridor/Sabah/Sarawak only
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Functions of MIDAFunctions of MIDA
Incentives for High Technology Companies
Incentives
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Functions of MIDAFunctions of MIDAIncentives
Pioneer Status
Exemption of income tax on 100% of statutory income for 5 years
Investment Tax Allowance (ITA)- 60% of qualifying capital expenditure incurred
within 5 years deducted from statutory income.
- 100% deduction against statutory income in any one year.
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Functions of MIDAFunctions of MIDAIncentives
Criteria For The Grant Of High Tech Incentives
• Local R&D expenditure to gross sale
- At least 1% on annual basis
• Science and technical graduates to total workforce
- At least 7%
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Functions of MIDAFunctions of MIDAIncentives
Hi-Tech Promoted Products/Activities
Design or development and production or assembly of:
I. Aircraft
II. Aircraft equipment, components, accessories or parts of aircraft
Modification and/or conversion of aircrafts
Refurbishment or re-manufacture of aircraft equipment, components or accessories or parts of aircrafts
Application or production of advanced materials (e.g. high strength composites)
Development and production of advanced electronics (e.g. communication equipment/avionics)
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Functions of MIDAFunctions of MIDA
Incentives forStrategic Projects
Incentives
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Functions of MIDAFunctions of MIDAIncentives
PS with tax exemption of 100% of statutory income for 10 years
ITA of 100% on qualifying capital expenditure incurred within 5 years
Projects/activities eligible
- Of national importance & heavy capital investment with long gestation period, involve high levels of technology and are integrated, generate extensive linkages, and have significant impact on the economy.
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Functions of MIDAFunctions of MIDA
Incentives to Strengthen Industrial Linkages
Incentives
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Functions of MIDAFunctions of MIDAIncentives
Vendors, including SMIs, can apply for: PS with tax exemption of 100% of statutory
income tax for 5 years ITA of 60% or 100% for 5 years – to offset against
100% of statutory income
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Incentives
Customised Incentives(Pre-Package)
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Incentives
Special package of incentives (pre-package/customised) which could cover both tax and non-tax incentives
The special package granted is negotiable, based on request of the company and the merits of each case
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Functions of MIDAFunctions of MIDA
Income Tax Act, 1967
Incentives
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Functions of MIDAFunctions of MIDA
Reinvestment Allowance Reinvestment Allowance (RA)(RA)
Incentives
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Functions of MIDAFunctions of MIDAIncentives
• 60% of qualifying capital expenditure of existing 60% of qualifying capital expenditure of existing companies which incur capital expenditure for companies which incur capital expenditure for the purpose of approved expansionthe purpose of approved expansion
• Given for a period of 15 consecutive years from Given for a period of 15 consecutive years from year reinvestment is first madeyear reinvestment is first made
• Offset against 70% / 100%* of statutory incomeOffset against 70% / 100%* of statutory income
* * Location in Eastern Corridor/Sabah/SarawakLocation in Eastern Corridor/Sabah/Sarawak
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Functions of MIDAFunctions of MIDA
Customs Act, 1967 & Sales Tax Act, 1972
Incentives
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Functions of MIDAFunctions of MIDA
Import Duty and Sales Tax Exemptions
Incentives
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Functions of MIDAFunctions of MIDAIncentives
(A) Aircraft & Aircraft Parts/Components Assembler/Manufacturer/Shipbuilding & Shiprepairing
(i) Exemption from import duty and sales tax on machinery/equipment/spare parts (PC1)
(ii) Exemption from import duty & sales tax on raw materials/components (PC2)
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Functions of MIDAFunctions of MIDAIncentives
(B) Maintenance, Repair & Overhaul (MRO) Activities
Blanket approval for import duty and sales tax exemption on raw materials, machinery, equipments, replacement parts and consumables for MRO companies
Subject to the condition that each import is attached with one of the ‘Certificated of parts and components issued by the original equipment manufacturer (OEM)’
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Functions of MIDAFunctions of MIDA
Industrial Master Plan 3
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IMP3
Objective: To achieve long-term global industrial
competitiveness through transformation and
innovation of manufacturing and services sector
Encompasses a 15 year period (2006 – 2020) Aims to improve & strengthen the country’s
global competitiveness across 3 economic pillars;• Manufacturing• Agriculture and agro-based industries• Services
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IMP 3
Strategic Thrusts:
• Strengthening Malaysia’s position as major global trading nation
• Generating investments in targeted growth areas
• Integrating Malaysian companies into regional and global networks
• Ensuring sustainable industrialisation, with consideration of environmental and regional balance
• Sustaining manufacturing sector’s significant contribution to economic growth
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IMP3
• Positioning services sector as major source of growth
• Facilitating development and application of technologies
• Developing innovative and creative human capital
• Strengthening role of private sector institutions
• Creating competitive business operating environment
Strategic Thrusts:
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