The Forest City job will be designated as a special economic zone to promote the growth in the Iskandar Malaysia place during a attend to Johor in August 2023, according to Malaysian Prime Minister Anwar Ibrahim.  ,
He stated that the area would provide incentives for businesses to start operations, including a flat income tax rate of 15 % for skilled foreign employees, multiple entry visa as well as fast-track access for those who are based in Singapore, without providing any details.
” I’m convinced that this will draw a lot of businesses in Singapore with high functioning costs,” said Mr. Anwar.
In response to the development’s slower pace of construction and minimal tenancy rates for its domestic properties, Mr. Anwar’s comments came amid a number of media reports calling the project a “ghost town.”
MUST ENSURE Income INCENTIVES ARE NOT ABUSED BY FAMILY Agencies: ANALYST ,  ,
Johor financial observer Samuel Tan, chief executive of Olive Tree home experts, told CNA the tax incentives are good developments to get home offices, finance, shared services and digitization to Malaysia.  ,
Nevertheless, he warned that government must perform due diligence to ensure that home offices, for example, do not break the law and undertake money laundering offences, for example.  ,
Six one home business funds in Singapore that were given tax benefits were discovered in 2023 as being related to the case in which 10 foreigners were detained and found guilty in the country’s largest income laundering situation.  ,
The constitutional systems must be in place to ensure efficiency and transparency, the author writes. What happened to some nations where it was abused should n’t take place here. And the Forest City Special Financial Zone’s ecosystem may be conducive to knowledge workers, according to Mr. Tan.  ,
He added that Forest City’s facilities and equipment must also be improved so that investors can travel there.  ,
If the standard of living is certainly up to expectations, lower income alone is insufficient. The participants must make sure that the SFZ offers an environment where people find it healthy, easy, and effective in carrying out their functions, according to Mr. Tan.  ,
The Forest City special economic zone could serve as the best example of what an SFZ should be. A powerful design then can be adopted in different parts of Malaysia or perhaps internationally”, he added.  ,