KUALA LUMPUR, Tri-Mode System (M) Bhd, an integrated logistics service provider, announced today that it has received the Malaysian Investment Development Authority’s (MIDA) approval for the integrated logistics services (ILS) tax incentive and international integrated logistics services (IILS) status.
In a statement, it said the ILS tax incentive enables Tri-Mode to enjoy 70 per cent income tax exemption against statutory income for five years via the approved tax incentive-pioneer status (PS) under the Promotion of Investments Act, 1986.
Under the terms and conditions stipulated in the approval letter, Tri-Mode must ensure that at least 60 per cent of its equities are held by Malaysians, maintain the provision of integrated logistics services such as freight forwarding, transportation and warehousing, and undertake at least one of the value-added activities such as distribution and supply chain management, it said.
As for the IILS status, it enables Tri-Mode to have 100 per cent equity ownership in any freight forwarding agent licence issued by the Royal Malaysian Customs Department.
Tri-Mode currently operates an 85,485 sq ft warehouse that is already fully occupied. Another warehouse measuring 28,000 sq ft is currently under construction and is expected to be completed by the fourth quarter of 2021.
Source: BERNAMA News Agency