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Self-Declaration Mechanism Takes Effect On May 2, Says MIDA

[ 18-04-2014 ]
Self-Declaration Mechanism Takes Effect On May 2, Says MIDA
KUALA LUMPUR, April 14 (Bernama) -- The implementation of the Customs Duties (Exemption) Order 2013 and Sales Tax (Exemption) Order 2013, a new self-declaration mechanism that simplify the granting of import duty and/or sales tax exemption, will take effect on May 2, 2014.

In a statement, the Malaysian Investment Development Authority (MIDA) said the mechanism would benefit manufacturers in the principal customs area (PCA), companies engaged in the hotel business and haulage operators for tax exemption.

"Under this new self-declaration mechanism, a company is required to submit a confirmation letter issued once by MIDA together with the list of machinery, equipment, spare parts, consumables, prime movers and container trailers to be imported or purchased to the Royal Malaysian Customs Department (Customs) for permission to claim the exemption.

"The companies would be able to obtain the permission within a period of two weeks from the date of complete submission received by the Customs," MIDA said.

MIDA said the business process re-engineering effort was undertaken in collaboration with the Ministry of International Trade and Industry, Ministry of Finance and the Customs.

It said an application would require a processing period of four weeks from the date of complete information received.