Malaysia on Sept 20 announced a 0 per cent tax rate for family offices located in Forest City, as part of incentives to draw capital to the special financial zone in its southern state of Johor.
Finance Minister II Amir Hamzah Azizan said Forest City will become the first site in Malaysia to implement the 0 per cent tax rate for family offices, or private asset management firms that serve wealthy individuals and their families. This initiative is expected to be operational by the first quarter of 2025.
The move is part of a slew of incentives targeted at reviving Forest City, a beleaguered US$100 billion (S$129 billion) development project located a stone's throw from Singapore, an established financial hub.
The 2,800ha development, backed by Chinese developer Country Garden Holdings, was designated a special financial zone (SFZ) in August 2023 to boost foreign investment and economic growth in the area.
Datuk Seri Amir Hamzah said that the tax break is aimed at drawing families from Malaysia and other Asian countries to oversee their wealth management from Malaysia.
“Supported by good infrastructure, a competitive talent pool, robust common law practices and effective governance, opportunities abound for family offices,” he added, at the event in Forest City to launch these measures.
Denne historien er fra September 21, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra September 21, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
PRANCING IN A PACK
Ferrari boss says constructors' c'ship too close to call, with four teams in the mix
F1 drivers swear by their 'human' emotions
Leading Formula One drivers at this week's Singapore Grand Prix said on Sept 19 they would not tone down their language on team radio, after governing body the International Automobile Federation (FIA) warned them to cut out the swearing.
NIGHT RACE CRUCIAL TO TIGHT TITLE FIGHT
For the first time in years, F1 heads to S'pore with a genuine battle for the drivers' crown
VOLUNTEERS WITH PASSION FOR F1
Love for the motor sport sees helping hands of S'pore GP return year after year
Hojlund and Mount to return in 'careful way'
Rasmus Hojlund and Mason Mount could make their returns during Manchester United's English Premier League trip to Crystal Palace on Sept 21, but manager Erik ten Hag is wary of rushing the duo back from injury.
ALISSON A DOUBT AGAINST CHERRIES
Slot also set to be without Elliott; expects 'aggressive' Bournemouth side
Raya's saves the best Arteta has ever seen
Arsenal manager Mikel Arteta hailed his goalkeeper David Raya, after the Spaniard's miraculous double save earned his side a 0-0 draw away to Atalanta in the Champions League on Sept 19.
DIVERSITY KEY FOR FENCING EXCO
Team of 11 include national water polo captain and former S'pore wushu athlete
Surge in Ohtani-mania after historic 50-50 feat
Japan erupted in cheers on Sept 20, a day after national hero Shohei Ohtani blasted his way into Major League Baseball (MLB) history as the first player to hit 50 home runs and steal 50 bases in a season.
Foreign-led Young Lions eye new territory
Things are looking upbeat for perennial bottom dwellers Young Lions this Singapore Premier League term with the infusion of several foreign players and seasoned campaigners.