The Business Times
Asean Business logo
SPONSORED BYUOB logo
SUBSCRIBERS

Malaysia set to declare Johor’s Forest City a duty-free zone to revitalise struggling project

However, sceptics doubt the move will inject new life into the mega development, citing the lack of specific details

Summarise
Tan Ai Leng

Tan Ai Leng

Published Thu, Jul 18, 2024 · 06:38 PM
    • Forest City currently houses fewer than 10,000 people – about 1 per cent of its target.
    • Forest City currently houses fewer than 10,000 people – about 1 per cent of its target. PHOTO: FOREST CITY

    [KUALA LUMPUR] Malaysia’s Lower House approved five Bills on Wednesday (Jul 17) to designate about 311 hectares (ha) of Forest City in Johor as a duty-free zone, as the country aims to revitalise the beleaguered mega development, attract investments and boost economic growth.

    Deputy Finance Minister Lim Hui Ying tabled the amendments for their second and third readings during a parliamentary session on Wednesday to implement special tax provisions for the designated area, Pulau Satu.

    The proposed legislation, which is currently pending Senate approval, follows Prime Minister Anwar Ibrahim’s announcement in 2023 to establish Forest City as a special financial zone.

    MalaysiaForest CityCountry GardenAseanAsean Business

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback
    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More