News: Irda extends tax holidays and incentives to three more nodes in Iskandar Malaysia
Irda extends tax holidays and incentives to three more nodes in Iskandar Malaysia
The Sun Daily. Published March 6, 2014
PETALING JAYA: The Iskandar Regional Development Authority (Irda) has extended special tax holidays and other incentive packages currently reserved for investments in Medini in Nusajaya to three other nodes in the Iskandar Malaysia development region, according to a source.
Privileges previously exclusive to investments within the 929.20ha area of Medini, have now been expanded to include Pinewood Iskandar Studios for creative projects, Vantage Bay (healthcare projects) and Danga Bay (tourism projects).
There is now no restriction on foreign ownership in Medini, which is sub-divided into three development clusters – the financial district, Medini Central and lifestyle and leisure with each developed by different developers.
Irda defines a node as an area dedicated to specific defined activities or development with those having projects there enjoying certain privileges and benefits.
Among others, local and foreign companies investing in projects in these nodes can now qualify for exemption of income tax, stamp duty and real property gain tax for between five and 10 years.
Under tourism, this applies for new hotel projects, convention centres, resort properties or the upgrading and expansion of existing hotels of up to three-star status.
Danga Bay, which is a flagship development by Iskandar Waterfront Holdings Sdn Bhd, is being transformed into Johor Baru’s new integrated international waterfront city.
It has to date secured several multi-billion-ringgit investments by both local and foreign investors, many of whom have earmarked the waterfront destination for a myriad of world-class tourist attractions.
Pinewood Studios is an integrated media production studio facility jointly developed by UK-based Pinewood Shepperton PLC and Khazanah Nasional Bhd. It is designed to boost Malaysia’s status as a regional and international film production hub, with a comprehensive range of film and TV studios, post production services and other sophisticated facilities.
“Any film company using Pinewood studio for production can now enjoy a host of special tax and other incentives,” a source close to the matter told theSun, adding that this included full exemption from National Film Development Corporation (Finas) controls.
Vantage Bay, a RM10 billion integrated development here, is a joint venture between the Johor royal family and Singaporean businessman Peter Lim. The centrepiece of the project is a medical hub to be operated by Thomson Medical Centre. Spanning 10ha, the waterfront project is a gated city with its own medical campus, residential apartments, hotels, convention centres, shopping malls and commercial offices.
Irda believes the creation of the three new nodes will further accelerate and spearhead Iskandar Malaysia into the next level to become an international metropolis by 2025.