Malaysia's Forest City Tax Incentives Likely to Attract Investment -- Market Talk

Dow Jones

2024-09-20

0612 GMT - The Forest City tax incentives introduced by Malaysia's government look set to attract capital to the $100 billion development and broaden its investor base. A 0%-5% corporate tax rate and a special individual income-tax rate of 15% for Malaysians and knowledge workers were among the incentives announced by second Finance Minister Amir Hamzah Azizan during the launch of the special financial zone. Family offices in Forest City will also have a zero tax rate, a first in Malaysia, with the program expected to be operational by 1Q 2025. Forest City, whose joint-venture partner is Chinese property developer Country Garden, was designated as a special financial zone in August 2023 to boost foreign investment and economic growth in Johor state. (yingxian.wong@wsj.com)

(END) Dow Jones Newswires

September 20, 2024 02:12 ET (06:12 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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