What new tax incentives aim to attract regional hubs?

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New Tax Incentives Introduced to Attract Regional Hubs

Malaysia has introduced a new package of tax breaks this month, designed to encourage companies to establish their regional headquarters within the country. While the specific details of these incentives are not elaborated upon, the initiative aims to overcome misconceptions about Malaysia and highlight its existing infrastructure to potential investors.
Focus on Attracting Regional Headquarters

The new tax incentive package commenced this month with the explicit goal of drawing more companies to set up regional headquarters in Malaysia. This initiative represents a significant effort to enhance the country's appeal as a base for multinational operations.
Efforts to Address Investor Perceptions

Datuk Zainal Amanshah, the chief executive of InvestKL, highlighted challenges such as foreign investor misconceptions regarding Islamic extremism and infrastructure deficiencies. He noted that many global executives are more familiar with Singapore and Hong Kong, with fewer having visited Kuala Lumpur, impacting their decision-making processes.
Past Successes and Future Targets

Since its inception in July 2011, InvestKL has successfully persuaded 48 multinational corporations to establish their hubs around Kuala Lumpur. While this is approximately half of their target of 100 by 2020, the agency continues to work towards attracting further investment.
Diversification and Economic Contribution

The efforts to entice regional headquarters contribute to diversifying Malaysia's economy, moving it away from a sole reliance on oil and commodities. Fiscal revenue from oil, for instance, decreased to 30 per cent last year, down from 41 per cent in 2009, indicating a broader economic base.

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What new tax incentives aim to attract regional hubs?

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