Aug 26, 2023 06:59 PM

Country Garden’s Malaysia Project to Get New Tax Breaks, PM Says

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A model of the Forest City development is displayed at the Country Garden property showroom in Iskandar Malaysia zone of Johor Bahru, Malaysia, in 2016. Photo: Bloomberg

(Bloomberg) — Forest City, Country Garden Holdings Co.’s mega-development off Malaysia’s southern coast, will be designated a special financial zone and will be granted benefits aimed at attracting more residents, Prime Minister Anwar Ibrahim said.

The incentives will include multiple-entry visas, fast-track access for those working in Singapore and a flat income tax rate of 15% for knowledge workers, Anwar said Friday while on tour seeking feedback on his government’s 2024 budget.