Malaysia has unveiled several tax incentives representing a pivotal development in its economic landscape, enhancing its position as a desirable hub for wealth management, particularly for affluent families across the region.
On September 20, 2024, Malaysia’s Minister of Finance II announced a suite of incentive packages aimed at boosting economic growth in the Forest City Special Financial Zone (SFZ) in a bid to augment Forest City’s position as a preferred investment destination. The suite of tax incentives consists of a new single family office scheme (SFO Scheme), concessionary corporate tax rates, special income tax rates for skilled workers, incentives for financial companies and multiple entry visas. These incentives are expected to attract businesses, financial institutions and high net worth individuals.
To learn more about the SFO scheme, additional tax breaks and incentives, and the emergence of Sarawak as an economic powerhouse, read our full insight using the link above.
