KUALA LUMPUR, Oct 21 (Bernama) -- The Ministry of Investment, Trade, and Industry (MITI) is finalising a New Investment Incentive Framework, targeted for announcement as early as the first quarter (1Q) of 2025, said its minister, Tengku Datuk Seri Zafrul Abdul Aziz.
The framework was announced by Prime Minister Datuk Seri Anwar Ibrahim during the tabling of Budget 2025.
“We are working on the details, and the process has already begun. We will present the specifics at the upcoming National Investment Council meeting in December,” he told reporters after presenting MITI's 3Q 2024 Report here today.
The initiative is also to prepare Malaysia for the introduction of the Global Minimum Tax next year.
“This tax is around 15 per cent, so we can no longer attract investments by offering tax exemptions down to zero per cent.
"Therefore, we need to offer other incentives focusing on talent and green initiatives. It's basically a new way of looking at incentives that will no longer be given broadly, but more targeted at industries that can genuinely help enhance the nation’s economic value,” he explained.
The New Investment Incentive Framework will include a RM1 billion strategic investment fund, aimed at enhancing local talent capacity and promoting high-value activities in the country.
-- BERNAMA
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