As published by the Attorney General's Chamber (AGC), Minister of Finance II has provided ministerial exemption on the recent changes to the Withholding Tax on services performed overseas.
Penang topped the national list in approved investments of RM7.7 billion in the manufacturing sector for the first half of 2017.
Toray Group (Malaysia), wholly-owned by Toray Industries Inc, Japan and one of the pioneers of Penang’s industrialisation programme, has expanded its business operations in Penang with the establishment of yet another company, namely Toray Malaysia Systems Solution Sdn Bhd (TMS).
Toray has successfully established Toray Malaysia Systems Solution (TMS) Sdn Bhd with MSC status based in Penang to provide “Global Business Service” to its group of companies locally and abroad.
Vitrox Corp Berhad will invest RM130mil to expand its operations this and next year in view of the growing demand for its test equipment and systems.
The US Ambassador to Malaysia is optimistic that the business climate in Penang will continue to attract more multinational corporations to the state, with some existing ones planning on expansion.
Several prominent American companies, currently operating in Malaysia, are looking to expand their businesses with further investments on the cards soon. United States Ambassador to Malaysia, Kamala Shirin Lakhdhir, said new American companies have also expressed their intentions to invest in Malaysia in general and Penang in particular.