Tax incentives have been announced as part of the Budget 2019 to encourage businesses to work toward reaching Industry4WRD.
One of the incentives relates to allowing the deduction for fee expenses incurred on Industry4WRD Readiness Assessment.
This incentive is provided under the Income Tax (Deduction for Expenditure on Industry4WRD Readiness Assessment) Rules 2020 with the extension under Income Tax (Deduction for Expenditure on Industry4WRD Readiness Assessment) (Amendment) Rules 2021 effective from YA 2019 to YA 2026.
Industry4WRD
In response to the Fourth Industrial Revolution (4IR), the Industry4WRD: National Policy on Industry 4.0 was launched on 31 October 2018 to drive the Digital Transformation of the manufacturing and related services sectors in Malaysia.
The Policy’s framework is as follows:
