8.1 Tax Incentive for Malaysian Ships
• The income of a shipping company derived from the operation of Malaysian ships is 70% exempted from tax from Year of Assessment 2012. This incentive only applies to residents. A “Malaysian Ship” is defined as a sea-going ship registered as such under the Merchant Shipping Ordinance 1952 (Amended), other than a ferry, barge, tugboat, supply vessel, crew boat, lighter, dredger, fishing boat or other similar vessels.
• The Income of any person derived from exercising an employment on board a “Malaysian Ship” is exempted from tax.
• Income received by non-residents from the rental of ISO containers to Malaysian shipping companies is also exempted from income tax