Medini likely to get exemption from gains tax

ALREADY accorded special incentives in Iskandar Malaysia, the Medini area is likely to see its perks expanded to include an exemption from real property gains tax (RPGT) in a bid to ensure that the node continues to be favoured by investors.

Although this would result in a more uneven playing field, the federal statutory body tasked with realising the development of the economic zone into a thriving and sustainable metropolis appears to be pushing for the exemption.

"We are in the process of obtaining written confirmation from the Ministry of Finance that residents and companies with IDR status are exempted from RPGT, subject to certain terms and conditions," The Star daily yesterday reported Iskandar Regional Development Authority (IRDA) chief executive Ismail Ibrahim as stating.