Approval For Extension of the Investment Allowance Incentive From The Ministry Of Finance
BackJun 01, 2010
|Subject||APPROVAL FOR EXTENSION OF THE INVESTMENT ALLOWANCE INCENTIVE FROM THE MINISTRY OF FINANCE|
|Contents||AirAsia Berhad (“AirAsia” or the “Company”) is pleased to announce that the Company has today received the approval of the Ministry of Finance vide its letter dated 27th May 2010 for an extension of Investment Allowance incentive for a period of another five (5) years from 1st July 2009 until 30th June 2014 (“the Approval”).
The Approval entitles the Company to claim an income tax exemption in the form of an Investment Allowance of 60% on qualifying capital expenditure incurred within the period of 1st July 2009 until 30th June 2014, which can be set-off against 70% of statutory income for each year of assessment.
The Approval is subject to the following conditions:
(a) the qualifying capital expenditure incurred shall be as prescribed by the Perintah Cukai Pendapatan (Pengecualian) (No. 12) 2006 and shall exclude any aircraft not based in Malaysia; and
(b) should any aircraft be sold or leased within five years, there shall be a clawback of the investment allowance utilised on the said aircraft.
This announcement is dated 1st June 2010.
|Company Name||AIRASIA BERHAD|
|Date Announced||1 Jun 2010|