Malaysia's Minister of Finance has issued the Income Tax (The Incentive for Manufacturers of Pharmaceutical Products Scheme) Rules 2022, which were published on 17 February 2022 and considered effective from the year of assessment 2021. The scheme was first announced as part of the 2021 budget to incentivize manufacturers of pharmaceutical products including vaccines. This includes the following tax rate benefits:
- a tax rate of 0% up to 10% for the first period of 10 years; and
- a tax rate …