InvestPenang would like to inform that our office will be closed from 6th November to 6th December 2020 due to the recent CMCO imposed in Penang. InvestPenang team will still be working from home and reachable via emails. Please refer to our respective emails at https://investpenang.gov.my/about-invest-penang/. We remain committed to support our stakeholders through this difficult time.

WHAT’S HAPPENING

View major news and upcoming events to explore Penang’s thriving key industries.

On 5 June 2020, government announced several attractive incentives for company that relocating to Malaysia:

  • 0% tax rate for 10 years for new investment in manufacturing sectors with capex between RM300-500 million
  • 0% tax rate for 15 years for new investment in manufacturing sectors with capex above RM500 million
  • 100% Investment Tax Allowance for 3 years for existing company in Malaysia relocating overseas facilities into Malaysia with capex above RM300 million
  • Special Reinvestment Allowance for manufacturing and selected agriculture activity, from YA 2020 to YA 2021.
  • Establishment of Project Acceleration & Coordination Unit (PACU) at MIDA
  • Enhancement of Domestic Investment Strategic Fund
  • Manufacturing License approval for non-sensitive industry within 2 working days

For further info, pls visit: https://penjana.treasury.gov.my/pdf/PENJANA-Booklet-En.pdf

Source: MoF – Pelan Jana Semula Ekonomi Negara (PENJANA), Short Term Recovery Plan