Agriculture Allowance
Agriculture Allowance
Are agriculture companies entitled to any tax incentives?
Agriculture allowance
A taxpayer who incurred Qualifying Agriculture Expenditure is entitled to claim Agriculture Allowance.
Qualifying Agriculture Expenditure
1. Clearing and preparation of land
2. New planting (exclude replanting) either:
a) new crop of any product
b) replace old crops with a crop of a different type
3. Construction on a farm of a road or bridge
4. Construction on a farm of a building either:
a) used in working of farm
b) welfare of persons
c) living accommodation
5. Schedule of Agriculture Allowance
Non-Qualifying Agriculture Expenditure
1. Cost of land
2. Cost of plant and machinery used in the farm
Agriculture Charges (Disposal)
1. If disposal within 5 years: agriculture charge equal = allowances claimed in prior years
2. If disposal made after 5 years: no agriculture charge will be made
Source
Reference: Public Ruling No. 1/2016 Agriculture Allowance
https://phl.hasil.gov.my/pdf/pdfam/PR_01_2016.pdf
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