Hanoi (VNA) - Malaysia has announced a series of new incentives during the launch of the Forest City Special Financial Zone, in a bid to accelerate the progress of its 100 billion USD mega real estate project located in Johor state.
Forest City will be the first location in Malaysia to offer a 0% tax rate for family offices, said Finance Minister II Datuk Seri Amir Hamzah Azizan as reported by the Malaysian English-language newspaper The Star.
The official added that the 0% tax rate for family offices was among a competitive package of incentives to make Forest City a magnet for international capital, which also includes a concessionary corporate tax rate of 0-5%, and a special individual income tax rate of 15% for knowledge workers, and Malaysians, who choose to work here.
Spanning nearly 30 hectares, Forest City aims to house 700,000 residents. Malaysian Prime Minister Anwar Ibrahim officially announced the project on August 25 last year, highlighting its location near the border with Singapore. The project is intended to help the countries complement each other in attracting talent and investment flows, thus boosting regional economic development./.
