ISKANDAR PUTERI: Prime Minister Datuk Seri Najib Razak today announced that the Forest City development here will be a duty-free zone.
This was among the four incentives announced during the launch of the mega-project, which was officiated by the Sultan of Johor, Sultan Ibrahim Sultan Iskandar.
Najib said corporate tax incentives will be given to operators in service sectors namely the tourism, health and education sectors.
"There will be no restriction on foreign equity holders for companies that qualify for the above corporate tax incentives," Najib said.
"Forest City will also be a duty -free zone," he added.
Najib also announced tax incentives for approved green developers and approved green development managers.
Sultan Ibrahim signed a plaque to mark the launch of the mega project comprising four man-made islands that span 1,386 hectares.
Also present was Johor Menteri Besar Datuk Seri Mohamed Khaled Nordin.