Malaysian PM Najib announces incentives for Bandar Malaysia project

Malaysia's Prime Minister Najib Razak announced several incentives aimed at attracting investors to the Bandar Malaysia township project, on June 16, 2016.
Malaysia's Prime Minister Najib Razak announced several incentives aimed at attracting investors to the Bandar Malaysia township project, on June 16, 2016.PHOTO: AFP

KUALA LUMPUR (THE STAR/ASIA NEWS NETWORK) - To ensure the success of Bandar Malaysia, Prime Minister Datuk Seri Najib Razak on Thursday (June 17) announced incentives for developers and investors.

The Master Developer of Bandar Malaysia and its subsidiaries will enjoy tax exemptions for 10 years, and exemptions from stamp duty for eight years. Other incentives announced by Najib included exemptions from Real Property Gain Tax for eight years and exemptions from withholding tax for eight years.

There will also be exemptions from import duty for selected construction material not manufactured in Malaysia.

“In addition, the Government has also agreed to consider granting tax incentives to top high- ranked global companies and financial institutions,” said Najib at the signing ceremony of IWH CREC Sdn Bhd Shareholders agreement at Shangri-La Hotel here.

The planned Bandar Malaysia project is a 196ha township located in Sungai Besi at the edge of the Malaysian capital, which is set to house the Kuala Lumpur terminus for the high-speed railway line from Singapore.