Latest Guidelines for MM2H Tax Free Car Incentive
With immediate effect, MM2H applicant approved from 1 January 2017, is eligible for MM2H Tax Free Car Incentive with an option of choice of:
Tax exemption of excise duty up to RM 150,000 to purchase one new (Completely Knocked-Down -CKD) locally assembled vehicle
Tax exemption of import duty and excise duty up to RM 150,000 to import into Malaysia for one unit of pre-owned private vehicle (Completely Built-Up – CBU) for at least 3 years by the MM2H applicant. The MM2H applicant is eligible to have his/her vehicle to be imported from the country of origin or his/her last domicile country. Once the Ministry of Finance has approved duty exemption , the applicant submit the approval letter to the Royal Malaysian Customs Department to obtain the duty exemption and to the Road Transport Department for the registration of the vehicle.
The MM2H tax free car incentive is only eligible for four(4) types of vehicles:
1. Saloon cars
2. MultiPurpose Vehicles (MPV)
3. Sports Utility Vehicles (SUV)
4. Four-Wheel Drive (4WD)
MM2H tax free car incentive approval will be granted by Ministry of Finance Malaysia and it is available for two (2) years from the date of commencement of the MM2H visa.
The approved MM2H tax free car shall be directly used by the MM2H participant for personal use only, while in Malaysia. The MM2H tax free car is only allowed to sell/transfer ownership after five (5) years from the date of registration of the vehicle with the consent of the Royal Malaysian Customs Department. The duties, based on the current evaluation determined by the Royal Malaysian Customs Department, need to be paid before the transfer of ownership of the MM2H Tax free car is allowed.
6 simple documents required to apply for the MM2H Tax Free Car Incentive as follows:
The supporting documents needed to obtain approval for exemption of excise duty that is limited to RM150,000 for the purchase of a new locally assembled vehicle (CKD) is as follows:
1) A copy of MM2H approval letter
2) A copy of MM2H participant’s passport (info page and MM2H visa page)
3) A copy of the car purchase order or invoice under MM2H applicant’s name from car dealer
4) Submission of chassis number and engine number of vehicle during application
5) A copy of the MM2H fixed deposit statement, latest bank statement and latest 3 month of salary slips
6) A complete copy of Property’s Sales and Purchase Agreement or Tenancy Agreement in Malaysia
The Ministry of Finance has the right to request additional information, depending on the application profile on case to case basis.
This MM2H tax free car incentive service is strictly applicable for our clients only. Feel free to contact us at email@example.com for more information.