Malaysia officially enters the recovery phase this week, and various initiatives have been announced under the PENJANA plan to restart and grow the economy.
The initiatives include the following tax breaks to bring the world to Malaysia for manufacturing sector:
Malaysian companies that re-locate their foreign manufacturing plants to Malaysia are entitled for 100% investment tax allowance for 5 years.
During the times whereby Covid-19 pandemic and the US-China trade war has led to multinationals corporations to rethink diversity of the investment and supply chain sources, it appears that Malaysia has made a timely decision to liberalise tax incentives for manufacturing sector to strengthen the country’s competitiveness in the region. These sizable investments are expected to curb unemployment rates as well as stimulate local businesses through, for example, vendor development program.
Click here for infographics on PENJANA initiatives for multinationals, SMEs and individuals.
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