Tax incentive plan to attract investors to Forest City SFZ ready by month-end

ISKANDAR PUTERI: A tax incentive proposal for Forest City Special Financial Zone (SFZ) to attract global investors will be finalised by the end of the month.

Menteri Besar Datuk Onn Hafiz Ghazi said the Ministry of Finance said this during a Special Meeting on Johor Development, chaired by Prime Minister Datuk Seri Anwar Ibrahim, on April 18.

"When examining several other leading financial special zones worldwide, various incentives are provided to attract the interest of global investors.

"The fiscal incentives discussed for SFZ Forest City include corporate tax exemptions and special income tax rates for skilled workers, as well as exemptions and special rates for stamp duty on property, and share transfer-related instruments."

The tax incentive package to attract global investors to invest in SFZ Forest City, meanwhile, will be announced in a few months, he added.

He said this when answering oral questions at the Fifteenth State Legislative Assembly of Johor, in the Sultan Ismail Building, here, today.

Earlier, Chen Kah Eng (DAP-Stulang) wanted to know the status of the development of SFZ Forest City.

Meanwhile, Onn Hafiz, who is also Machap assemblyman, said the state government would conduct benchmark studies on several other leading international financial special zones to attract investments in SFZ Forest City.

He said SFZ was established to put Johor and Malaysia on the international finance and banking map.

"SFZ Forest City is not aimed at competing with any other financial special zone in the world, but rather, to act as a catalyst for increasing government revenue, besides providing thousands of job opportunities for the people of this state.

"The benefits SFZ Forest City will bring to the people are not only through the creation of thousands of new jobs, but also by enhancing economic growth and stimulating the state and national business sectors, as well as through the improvement of infrastructure, including roads and public transportation, which will bring about many advantages to the people," he said.

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