Certified Malaysian Timber Companies Can Now Apply For Tax Deduction On Expenses Incurred In Obtaining COC Certification Under The MTCS

Malaysian timber companies holding the MTCC Certificate for Chain-of-Custody can now apply from the Inland Revenue Board of Malaysia (Lembaga Hasil Dalam Negara – LHDN) for tax deduction on expenses incurred when obtaining chain-of-custody (CoC) certification from MTCC under the Malaysian Timber Certification Scheme (MTCS), with effect from the assessment year 2007.

The Minister of Finance, in exercising the powers conferred by paragraph 154(1)(b) of the Income Tax Act 1967 [Act 53], has cited the rules as the Income Tax (Deduction for Cost of Obtaining Chain of Custody Certification from Malaysian Timber Certification Council) Rules 2008. These Rules were gazetted on 14 February 2008.

For further information, please contact MTCC.