PUTRAJAYA: The 10-year income tax exemption and lower stamp duty on ship financing are expected to encourage more vessel registrations and investment in Malaysia's shipping industry.
Transport Minister Anthony Loke said shipping companies previously had to reapply for income tax exemptions every two years, making it difficult for them to plan long-term investments.
Loke said the extended exemption, from 2027 to 2036, would give companies greater certainty to invest in new vessels and register them under the Malaysian flag.
"Many shipping companies lack the assurance and confidence to make long-term investments, such as buying ships or registering their vessels under the Malaysian flag.
