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Presently, tax incentives are given to businesses located in Medini (financial), Danga bay (tourism), Pinewood Studio (creative projects) and Vantage Bay (healthcare).
Additionally, the prime minister had also announced that starting May 2014, Companies newly investing more than 10 million ringgit, excluding land costs, in the services sector may qualify for corporate tax exemption for five years, as well as import and sales duty incentives for certain machinery and equipment. There will also be flexibility from full compliance with the central bank's foreign exchange rules and recruitment of foreign knowledge workers.
Besides, projects which are strategic and/or catalytic to the development of Iskandar Malaysia and which can bring extensive economic linkages can be considered for a customized package of incentives based on the merits of each project.
Companies undertaking activities in sectors other than the targeted sectors will continue to be eligible for the current incentives that exist in the country.There also existing incentives given by:-
Ministry of International Trade and Industry (MITI) and Malaysian Industrial Development Authority (MIDA) for the Electronic and Electrical sector
MITI/MIDA for the Petro and Oleo Chemicals
MITI/MIDA and the Ministry of Agriculture for Food and Agro Processing
MITI/MIDA for Logistics Services
MITI/MIDA for Tourism Industries
MITI/MIDA and the Multimedia Development Corporation (MDec) for Educational services
Breakdown of incentives given by the above Ministries and Authorities are as follows:-
For Food, Agro Processing, Electricals, Electronics, Oleo and Petro Chemicals
General-5 year pioneer status and 70% income tax exemption plus 60% for investment tax allowance
High Tech projects-5 year pioneer status and 100% tax exemption plus 60% for investment tax exemption
Strategic Projects-10 years pioneer status and 100% tax exemption plus 100% tax exemption for 5-10 years
There are also tax incentives for companies that qualifies under the MSC Malaysia status platform.
Now, you probably know that with all these incentives, you might still face an uphill task in growing your project. There are of course things that you can do as an entrepreneur in this greenfield. Things like:-
* How to develop your market or even finding out where is your market.
* Optimizing your enterprise to run efficiently.
* Finding help from the locals.
* Networking with knowledge points.
* Finding more incentives.
* Get in-depth knowlwdge on marketing knowhow.
The helpers at Iskandar Project would like to assist you in your business journey. you can take a look at how they can help you overcome problems with optimizing programs