KUALA LUMPUR: Malaysia has granted a substantial tax break to a zone in a showpiece investment project near Singapore, a move likely to provide crucial support to a $800 million initial public offering of the area's developer next year.
The Medini area in the southern state of Johor is the only section of the $30 billion Iskandar Development Region to get an exemption from a 30 percent property gains tax announced in October to cool soaring property prices, government officials said.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!