Aspen Glove shall be entitled to offset the allowance against 100% of its statutory income for each year of assessment. Any unutilised allowance can be carried forward to subsequent years until fully utilised.
Aspen (Group) Holdings’s subsidiary Aspen Glove has received approval from Malaysia’s finance minister for an income tax exemption for its business activity of designing, developing, and manufacturing of examination and surgical nitrile gloves.
The approval, granted under the Investment Tax Allowance (ITA) incentive scheme, entitles Aspen Glove to an allowance of 100% of its capital expenditure (excluding land cost) for a period of 10 years.
