Investment tax allowance(ITA)
8 important questions on Investment tax allowance(ITA)
What are the conditions for a company to receive the Investment Tax Allowance (ITA)?
- Must intend to manufacture a promoted product/activities (PAPP).
- Must not enjoy any other tax incentive.
- Must incur qualifying capital expenditure within five years from date of approval.
What is the quantum of ITA in relation to qualifying capital expenditure?
- The quantum of ITA is 60% of the qualifying capital expenditure incurred each year within 5 years from date of approval.
- It is a one-off allowance.
How is the ITA used in relation to statutory income?
- ITA is used to exempt statutory income up to a maximum of 70%.
- Excess ITA is carried forward indefinitely to offset against statutory income until fully utilized.
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When is ITA not applicable for a company?
- ITA is not applicable when the company has been granted:
- Reinvestment allowance (RA)
- Pioneer status (PS)
- Allowance for increase export (AIE)
What activities qualify a company for ITA?
- Carrying on promoted activities/products (PAPP)
- Carrying on project of national interest
- A contract R&D company
- Carrying on high technology activities
- Carrying in-house research
- A research and development company
When will ITA be withdrawn if the asset is disposed?
What is excluded from qualifying capital expenditure in manufacturing?
What activities are included in qualifying capital expenditure for agriculture? (CPRAPI)
- Clearing and preparation of land
- Planting of crop
- Irrigation and drainage system
- Plant and machinery
- Roads and bridges
- Building and accommodation
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
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