Forest City Secures Duty-free Island Status

The Malaysian government has approved Forest City as a Duty-Free Island to promote tourism and spark local economic activities

KUALA LUMPUR: The government has approved Forest City as a Duty-Free Island to promote tourism and stimulate local economic activities, said Prime Minister Datuk Seri Anwar Ibrahim.

He added that a tax incentive package for the Forest City Special Financial Zone has been introduced to encourage financial services, including global business services and fintech.

Additionally, Anwar, who also serves as Finance Minister, announced the launch of the Single Family Office Scheme for the Forest City Special Financial Zone.

"To ensure the success of the Family Office operations, the Securities Commission will serve as the approving authority for resident and employment passes for founding family investors and related investment professionals," he said when presenting Budget 2025 in the Dewan Rakyat today.

Meanwhile, the Prime Minister highlighted the Johor-Singapore Special Economic Zone (JS-SEZ) memorandum of understanding, signed in January this year, as a significant milestone in economic cooperation between Malaysia and Singapore.

Credits: NST Online - Published Oct 18th, 2024 - NSTP/NUR AISYAH MAZALAN

https://www.nst.com.my/business/corporate/2024/10/1121964/forest-city-secures-duty-free-island-status