Companies at TRX would enjoy special status with exemptions
Companies based at the Tun Razak Exchange (TRX) International Financial Centre would be given special status with a variety of exemptions, announced Prime Minister Datuk Seri Anwar Ibrahim at the launch of this financial hub this morning.
“The government has provided a slew of incentives for companies moving their base here.
“These encompass an industrial building allowance, tax exemption on 70% of the statutory income for a period of five years for property developers, stamp duty exemption on loan and service for TRX status company, and an income tax exemption of 100% for a period of ten years,” Anwar announced.
Earlier on he also announced that he envisions TRX as a hub for Islamic finance and halal industry that would tap into the markets of the Muslim nations in the world.
On the part of the government Anwar said that he in his capacity as Finance Minister have kickstarted Malaysia’s journey towards realising the Ekonomi Madani vision.
“The ministry is also guided by the Public Finance and Fiscal Responsibility Act 2023 to ensure prudence in our pursuit of economic growth.”
In addition to that he also announced that some powers of the Finance Minister would be given to the parliament.
He however did not elaborate on that.