The allowance constitutes an income tax exemption equal to 60% of qualifying capital expenditure (ie. fleet purchases) incurred within a period of five years (01-Jul-04 to 30-Jun-09).
"We're delighted as this effectively re-enhances AirAsia's position as the lowest cost airline in the world, and our competitors will find it tough to match our cost structure. This also helps to ease our financial obligations since we are spending billions to expand our business and enhance our service," Tony Fernandes, CEO.
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