Following Malaysian Prime Minister, Tan Sri Muhyiddin Yassin’s declaration that the entire country will be on a movement control order starting from 15th June 2021, to deal with the rise in Covid-19 cases, InvestPenang would like to inform that:
• InvestPenang office will be closed from 15th June 2021. Operation will resume when there are further directives from the government.
• 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