The Malaysian government has announced various incentives to boost the Forest City Special Financial Zone (SFC), located in Johor.
Key measures include a concessional corporate tax rate of between 0% and 5%, with a personal income tax rate of 15% for professional workers.
This incentive aims to attract international businesses, high net worth individuals and financial institutions to invest in Forest City.
Additionally, Forest City will be the first in Malaysia to offer a 0% tax rate for family offices, encouraging regional and Malaysian families to manage their wealth locally.
This initiative is expected to be fully operational by the first quarter of 2025.
Prime Minister Datuk Seri Anwar Ibrahim previously declared Forest City as a special financial zone in August 2023.
The area is projected to become a hub for global financial services, technology firms and foreign payment systems.
Other benefits include relocation cost deductions and enhanced allowances for banks and other financial sector entities.
This incentive aims to transform Forest City into a major economic and financial hub in the region.
