Incentives Revealed for Companies in Malaysia’s TRX Financial Hub

  • 2 months ago
  • News
  • 0

“Explore TRX, Malaysia’s Financial Centre. PM Anwar reveals incentives for companies relocating—tax exemptions, stamp duty waivers. Uncover TRX’s significance, government initiatives, and investment partners driving economic growth in Kuala Lumpur.”

KUALA LUMPUR, 23th Feb 2024 – Prime Minister Datuk Seri Anwar Ibrahim revealed on Friday that companies moving their operations to the Tun Razak Exchange (TRX), the new international financial centre (IFC) in the country, will receive various incentives. Anwar outlined these incentives, which encompass an industrial building allowance, a five-year tax exemption of 70% on statutory income for property developers, and a stamp duty waiver for loan and service agreements.

The finance minister emphasized that TRX, after ten years of development, signifies Malaysia’s ambition to establish a prominent global financial district, aligning with its goal to compete internationally. Highlighting TRX’s special status as the country’s International Financial Centre (IFC), the government has introduced a range of incentives to attract companies relocating to this hub.

TRX currently hosts significant financial entities, and its recent launch is deemed a significant step in the government’s pursuit of revitalizing the nation’s economic and financial framework through the Madani Economy, as stated by Anwar.

He mentioned that, from a geographical standpoint, Malaysia occupies a strategic position intersecting crucial trade routes and playing a vital role in various global supply chains.

Additionally, Anwar emphasized that the government is currently adopting a comprehensive approach involving all government agencies to pursue a shared objective. This includes collaborative efforts with the Ministry of Economy to determine the nation’s economic direction. An essential aspect of the short-term fiscal recovery, according to him, is the subsidy targeting exercise, a joint responsibility of the Ministry of Finance and the Ministry of Economy.

Finance Minister II Datuk Seri Amir Hamzah Azizan, Treasury Secretary General Datuk Johan Mahmood Merican, and CEO of TRX City Sdn Bhd (TRXC) Datuk Azmar Talib were also in attendance during the formal unveiling of TRX as Malaysia’s International Financial Centre (IFC) on Friday.

“TRX represents more than a typical real estate project; it is a sustainable International Financial Centre (IFC) aligned with our national goals. The development stems from a meticulously crafted master plan, envisioning a district that prioritizes connectivity, intelligence, safety, security, sustainability, and showcases top-notch infrastructure and built environments,” remarked Azmar Talib at the occasion.

Investment collaborators in TRX encompass Australia’s Lendlease Group, Indonesia’s Mulia Group, HSBC Malaysia, Affin Group, CORE Precious Development Sdn Bhd, Veolia, IJM Group, and Prudential Malaysia. Boasting a workforce of more than 30,000 individuals, including 20,000 knowledge workers, TRX has evolved into a thriving business center poised to stimulate economic growth, foster innovation, and generate employment prospects.

Located in the central part of Kuala Lumpur, TRX covers 70 acres and features state-of-the-art infrastructure. TRXC, a subsidiary of MOF Inc, serves as the primary developer overseeing the development of the TRX district.

Join The Discussion

Compare listings

Compare