Oil & gas sector benefits

Dateline 2012-09-29:

THE oil and gas (O&G) industry saw several incentives announced by Prime Minister and Finance Minister Datuk Seri Najib Tun Razak in the form of tax exemptions, investment tax allowance and tax incentives.

Najib said in his budget speech that these measures were aimed at enhancing the country’s capability, particularly in providing an ecosystem to support the development of the chain of refining, storage and trading of O&G.

The Government announced that a 100% income tax exemption for a period of 10 years, exemption of withholding tax and exemption of stamp duty would be given to public-private partnership projects in the development of the O&G industry.

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