24 Aug 2017
MALAYSIA: New Tax Incentives Announced for Northern Coastal Corridor Investors
Income tax allowance on qualifying capital expenditure (CAPEX) and duty exemption on imports of machinery is now on offer to investors in Malaysia’s Northern Corridor Economic Region (NCER), which straddles four northern coastal provinces - Perlis, Kedah, Penang and Perak. In addition, investors in the four states will also qualify for exemption of stamp duty on land leases.
Qualifying projects need to fall within one of the four sectors designated as key priorities within the zone - manufacturing, agriculture, bio-industries and services. The incentives were announced during the launch of NCER Blueprint 2.0 on 17 August, and form part of a government bid to boost investment in the four northern states. By 2025, the Malaysian government expects the total investment in the NCER to reach RM 146.5 billion (US$34 billion).