Budget 2020 unveiled last month by Finance Minister Lim Guan Eng turned out to be mostly positive for corporate Malaysia and Malaysians in general. Most of the measures announced were business and people friendly and the clear winners are the technology, consumer, and property sectors.
The budget proposal to provide customized packaged investment incentives to attract Fortune 500 companies and global unicorns certainly would have raised a few eyebrows, says Tai Lai Kok, head of tax at KPMG in Malaysia. 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, he says, 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 added.
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