Industry observers laud Budget 2020 initiatives in making Malaysia the preferred destination for investment, but said it lacked the finer details on how these initiatives will be taken towards success.
Tai Lai Kok, Head of Tax at KPMG in Malaysia, stated that the proposal to provide customized packaged investment incentives to attract Fortune 500 companies and global unicorns certainly would have raised a few eyebrows.
“Customized tax incentives are nothing new and the government has awarded them in the past to investors that make significant contributions to the economy. In view of this, it will be interesting to see what plans the government will have to make this initiative a success. It will certainly be necessary to target and court these global giants like never before in order to secure positive results," he said.