KUALA LUMPUR, Oct 13 — The government plans to provide an investment tax allowance on a tiered basis of 70 per cent or 100 per cent.
Prime Minister Datuk Seri Anwar Ibrahim said the results-based incentive approach is a new dimension that uses a tiered system to give incentives.
“It will stimulate companies to generate economy through investment in high-growth and high-value fields, and further create new economic clusters, expand domestic networks, and balance economic and environmental sustainability,” he said when tabling Budget 2024 in the Dewan Rakyat today.
Anwar, also the Finance Minister, said companies will enjoy incentives equivalent to the commitments implemented.
The government will prioritise future investments focused on high-growth and high-value areas to overcome the structural issues plaguing the economic system, including the prematurely shrinking industrial sector.
“To support the high-value ecosystem, the government proposes the Pengerang Integrated Petroleum Complex in Johor be made a hub for developing the chemical and petrochemical sectors by providing a tax incentive package in the form of special tax rates or investment allowances,” he said.
— Bernama
