09 Years Madagascar Textile Raw Material Import Exemption From Customs Duties
In order to encourage enterprises to be registered in Malaysia, Madagascar will implement the export law in 2009.
It is understood that the export law will allow Malaysian exporters to open accounts for Malaysia (ALI) and foreign exchange in the local bank of Malaysia, and allow merchants engaged in export business to open bank accounts overseas. Relevant officials of the Ministry of industry, commerce and economy of Madagascar said that all export enterprises would benefit from the export law. Exporters outside the duty-free zone can borrow money from abroad to invest in Malaysia, enjoy value-added tax rebate treatment, and enjoy some tariff preferences for their export equipment and machinery. In addition, in order to facilitate exports and simplify export procedures, Ma will probably set up an export promotion board.
In addition, in order to simplify the procedures of the registered companies in Malaysia, Ma also revised the trade company law. For example, we should abolish the minimum registered capital requirement and simplify the tax payment procedure.
In order to enhance the competitiveness of local enterprises, Ma also stipulates that the maximum tariff rate of industrial equipment can not exceed 5%, and the import of textile raw materials is exempt from customs duties in 2009. Prior to that, the tariffs imposed by Ma on the import of industrial equipment were up to 20%, which greatly weakened the competitiveness of local enterprises.
Editor in chief: Yang Jing
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