CYBERJAYA: The Youth and Sports Ministry welcomes the initiative to provide a 50% tax exemption on the statutory income of private companies organising international-level sports competitions.
This initiative aligns with efforts to boost the Visit Malaysia 2026 celebration according to its Minister Hannah Yeoh.
She stated that the initiative announced by Prime Minister Datuk Seri Anwar Ibrahim when tabling Budget 2026 in Parliament is expected to spur more international-level sports events in Malaysia.
This development will energise both the tourism and domestic sports sectors according to the minister.
Anwar announced the 50% tax exemption on the statutory income of private companies organising international arts, cultural, tourism and sports and recreational competitions involving foreign participants on Friday.
“Next year is Visit Malaysia 2026, so the government is boosting tax incentives to companies that not only want to organise competitions in the fields of arts and tourism, but also in sports,“ she said after the Lazada Run prize-presentation ceremony.
“They will be given a 50% tax exemption, which is a significant amount compared to the previous 10% for sponsorship,“ she added.
She stressed that all organisers of international sports competitions must obtain approval from the ministry to ensure compliance with regulations and approvals from relevant authorities.
“We do not want any party organising international meets without the country’s approval,“ she emphasised.
She explained that failure to fulfil conditions such as insurance or local authority permits could tarnish Malaysia’s image and credibility.
“As such, I urge any company or sports association that intends to hold international competitions to obtain permission from the ministry first,“ she added.
Meanwhile Hannah said that corporate companies that channel contributions to the National Sports Trust Fund are eligible to receive a 100% tax exemption. – Bernama