Westports gets 10-year investment tax allowance from MOF

KUALA LUMPUR: Westports Holdings Bhd's whollyowned subsidiary, Westports Malaysia Sdn Bhd (WMSB), has acknowledged the approval received from the Ministry of Finance (MoF) with respect to the granting of a 10-year Investment Tax Allowance (ITA).

The ITA granted is from Jan 1, 2022 to Dec 31, 2031 to facilitate the capital expenditure (capex) to be incurred by WMSB for its existing and future expansion programmes, it said in a filing with Bursa Malaysia.

"As part of the ITA, 50 per cent of the qualifying capex incurred by WMSB within the stipulated 10-year period can be offset against its statutory taxable income for each year of assessment within the stipulated 10-year period.

"The ITA was granted to WMSB following consultations with the MoF, with the conditions, among others, that WMSB is required to incur a minimum of RM4.0 billion in capex with respect to its terminals during the stipulated 10-year period," it said. — Bernama