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Cover Story: Budget 2020: Summary

ATTRACTING INVESTMENTS

• Setting up of a “Special Channel” under InvestKL to attract investments from China

• A new incentive framework to promote investments to be ready by Jan 1, 2021

• RM1 billion worth of customised incentives annually for targeted Fortune 500 companies and global unicorns in the digital sector that invest at least RM5 billion each and create 150,000 high-quality jobs over the next five years

• RM1 billion in customised incentives annually over five years for Malaysian businesses that export goods and services globally

• Income tax exemption of up to 10 years for electrical and electronics (E&E) companies that invest in selected knowledge-based services

• A special investment tax allowance for E&E companies that have exhausted their reinvestment allowance to further reinvest in Malaysia

HOUSING

• Lowering the high-rise property price threshold in urban areas for foreign ownership from RM1 million to RM600,000

• Introducing Rent To Own financing scheme for purchasers of first homes priced up to RM500,000

• Extending the Youth Housing Scheme administered by Bank Simpanan Nasional from Jan 1, 2020, to Dec 31, 2021

• Revising the base year for the Real Property Gains Tax imposed on disposals of properties after five years for assets acquired before Jan 1, 2013, to Jan 1, 2013, from Jan 1, 2000

Source From The Edge Markets



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