By OLIVIA MIWIL | news@nst.com.my
WOOING MORE INVESTORS: It will cover tourism, manufacturing and agriculture sectors, says chief minister
KUALA LUMPUR: THE Finance Ministry has approved a tax incentive package to be listed under the Sabah Development Corridor (SDC).
The package will enable the Sabah Economic Development and Investment Authority (Sedia), a one-stop authority for SDC, to attract investors and promote the state as an ideal location for businesses.
Sabah Chief Minister Datuk Seri Musa Aman, who is also Sedia chairman, said the package would cover the tourism, manufacturing and agriculture sectors, and other major industries located within the state's Strategic Development Area.
The areas included the Kinabalu Gold Coast enclave, the Integrated Livestock Valley, Sabah Agro-industrial Precinct, Sandakan education hub, Sabah Oil and Gas Industrial Park, Lahad Datu palm oil industrial cluster and the marine integrated cluster.
Musa also said the incentives included tax exemption on statutory income for 10 years, investment tax allowance of 100 per cent on qualifying capital expenditure for five years and full exemption on import duties and sales tax exemption.
The period for the tax incentives is for applications received by Sedia before Dec 31, 2020.
"The incentives will vary based on focus areas.
"Their mechanisms are under the jurisdiction of the National Committee on Investments," he said after a cheque presentation ceremony involving Warisan Harta Sdn Bhd and the state government yesterday.
(Warisan Harta is an investment arm of the state government.)
Present were state Finance Ministry's permanent secretary Datuk Pengiran Hassenal Pengiran Mohd Tahir, state attorney-general Datuk Roderic Fernandez and Warisan Harta chairman Datuk Ramlee Marhaban.
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