ISKANDAR PUTERI, Johor: Malaysia has unveiled several tax incentives in a bid to augment Forest City as a preferred investment destination for international companies, including family offices.
The incentives come as part of efforts to boost high-level business interest in the beleaguered development, which is the location of a planned special financial zone (SFZ).
The Johor state government has proposed that the SFZ be integrated with the Singapore-Johor special economic zone (SEZ), but this has yet to be confirmed by both the federal governments of Malaysia and Singapore.
During a special event in Forest City Marina Hotel on Friday (Sep 20), Malaysia’s Second Finance Minister Amir Hamzah Azizan said: “I am pleased to announce that Forest City will be the first location in Malaysia to offer a zero per cent tax rate for family offices.”
Family offices are private organisations set up to manage the wealth of one or multiple families.rbet
Johor's Regent Tunku Ismail Sultan Ibrahim (centre), officiates the Forest City Special Financial Zone Tax Incentive announcement ceremony, flanked by Johor Chief Minister Onn Hafiz (left) and Malaysia's Finance Minister II Amir Hamzah Azizan (right), at Marina Hotel, Johor, on Sep 20 2024. (Photo: CNA/Zamzahuri Abas)