PROMOTION OF INVESTMENT (DETERMINATION OF ASSETS UNDER SECTION 29B IN RESPECT OF MSC STATUS COMPANIES) ORDER 2001

PROMOTION OF INVESTMENT (DETERMINATION OF ASSETS UNDER SECTION 29B IN RESPECT OF MSC STATUS COMPANIES) ORDER 2001

 

IN exercise of the powers conferred by subsection 29B(7) of the Promotion of Investments Act 1986 [Act 327], the Minister, with the concurrence of the Minister of Finance, makes the following order:

Citation and commencement

1. (1)     This order may be cited as the Promotion of Investments (Determination of Assets under section 29B in respect of MSC Status Companies) Order 2001.

(2)     This Order shall be deemed to have come into operation on 25 October 1996.

Interpretation

2. For the purpose of this Order-

"designated Cybercities" means Cyberjaya, Technology Park Malaysia-Phase I, University Putra Malaysia-Malaysia Technology Development Corporation Incubator I and the Petronas Twin Towers;

"Multimedia Super Corridor status companies" or "MSC status companies" means those companies which have been awarded, subject to the conditions of the award, MSC status by the Government of Malaysia.

Application

3. This Order shall apply to a MSC status company whose activities or products which are of national and strategic importance to Malaysia have been deemed to be promoted activities or promoted products under section 4A of the Act, and all references to promoted activities or promoted products in this Order shall be construed as references to promoted activities or promoted products under that section.

Determination of assets

4. For the purpose of subsection 29B(7) of the Act, the following are determined to be assets for which capital expenditure incurred in respect thereof are capital expenditure for purposes of investment tax allowance under section 29B of the Act:

(a)     multimedia and peripheral equipment (software and hardware) which are used by a MSC status company within the designated Cybercities for the conduct or development of the promoted activity or the production or development of the promoted product;

(b)     the purchase, construction or renovation of a building, or part of a building, or any combination or those activities, located within the designated Cybercities where the building or part of the building is solely used by a MSC status company for the conduct or development of the promoted activity or the production or development of the promoted product;

(c)     plant and machinery used by a MSC status company within Malaysia for the conduct or development of the promoted activitiy or the production or development of the promoted product; or

(d)     the landscaping and greening of the surrounding premises of the building of a MSC status company within Cyberjaya, where the building is solely used by such MSC status company for the conduct or development of the promoted activity or the production or development of the promoted product, in line with the MSC physical planning guidelines and Cyberjaya urban design guidelines.

 

Made 16 January 2001.

[MITI: ID/BDI/G (S) 535/12 Jld. 2; PN(PU 2 )451/IV]

RAFIDAH AZIZ

Minister of International Trade and Industry

I concur.

 

Dated 7 February 2001.

DAIM ZAINUDDIN

Minister of Finance