Malaysia has announced tax breaks and incentives for the troubled Forest City development, a $100 billion project backed by Chinese developer Country Garden Holdings.
Forest City is a joint venture between the Country Garden and a private Malaysian company backed by the country’s king. It has been facing environmental and regulatory issues since its inception in 2016.
Second Finance Minister Amir Hamzah Azizan says the incentives would include a concessionary corporate tax rate of 0-5%, and special individual income tax rates of 15% for skilled workers and Malaysians working in the area.
Malaysia will also offer a 0% tax rate for family offices and a special 5% tax rate for financial technology and foreign payment system operators.
Forest City is located in southern Johor state next to Singapore. It was made a special financial zone in August 2023 to boost foreign investment and economic activities.
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