MOST IMPORTANT PIECE OF TAX & INCENTIVE NEWS
"Scrapping of Real Property Gains Tax and Corporation & Income Tax for Sarawak 6 assisted industries"
The abolishing of Real Property Gains Tax (RPGT) to boast the stagnating property market and the exemption of corporation and income tax for 6 assisted industries in targeted economic region to include Sarawak are certainly one of the most if not the most important piece of tax legislation to come out of Malaysia in modern times. This will greatly help in our promotion of Malaysia as a destination for second home (MM2H) programme. This will make it doubly attractive now with the low base of property value and a very favourable exchange rate with major foreign currencies for foreign buyers.
Also Sarawak will be helped immersely through the six industries - logistics (aviation included), tourism, creative industry, education, financial advisory and consulting and health care where business will be exempted from corporation and income tax for 10 years. They have unrestricted access to foreign workers and can source financing internationally by exempting them from Foreign Investment Committee rules. WOW! WOW! WOW! Unbelievable even for an accountant like me.
Borneo Life coming from Kuching, Sarawak has advocated for a long time for something constructive to happen and this is more than compensate for the disappointment of the past.
The time is for Sarawak and now.
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