Tuesday, October 25, 2011

Bintulu Port gets MoF nod to expand terminal

KUALA LUMPUR: Bintulu Port Sdn Bhd has obtained the Ministry of Finance's (MoF) approval for the expansion of Bintulu international container terminal.

The port operator said on Tuesday, Oct 26 it had obtained the approval vide a letter from the Ministry of Finance dated Oct 10, 2011 on the tax incentive for the approved service project.

The project is to expand the terminal in Bintulu, Sarawak. The project involves the CONSTRUCTION [] of a multi-purpose terminal and a barge berth at the palm oil terminal.

The tax incentive is in the form of an investment allowance under the Income Tax Act 1967 whereby once approved will be at a rate of 60% in respect to the qualifying capital expenditure incurred from 2008 until 2012.

"The allowance can be used to set-off against 70% of the company's annual statutory income," it said.

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