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Banking, finance and logistics to be Forest City SFZ core sectors: Johor MB | Scoop
Among various tax incentives for Forest City investors are a 100% investment tax allowance for five years, lower statutory income by up to 100% for the logistics service sector, and a zero per cent tax rate for Family Offices for 20 years, Johor Menteri Besar Datuk Onn Hafiz Ghazi said. - Bernama file pic, November 27, 2024
News

Banking, finance and logistics to be Forest City SFZ core sectors: Johor MB

Menteri Besar names Malayan Banking, Public Bank, UOB, and Credit Lyonnais Securities Asia as some of the financial institutions that have stated interest in investing in Forest City

Bernama
Updated
1:21 PM MYT

 

ISKANDAR PUTERI — Forest City’s Special Financial Zone (SFZ) will prioritise the banking and financial services sectors, alongside logistics services, global service centres, and transfer services.

Johor Menteri Besar Datuk Onn Hafiz Ghazi said banking services will be located in  Pulau Satu, Forest City, while financial services will be developed in the mainland area of Forest City.

“Forest City benefits from the unique advantage of being a duty-free island within the SFZ. It includes two areas—Pulau Satu and the mainland area—each offering conditional incentives tailored to specific sectors,” he told the Johor legislate assembly today.

Onn Hafiz (Machap-BN) was answering a question from Fauziah Misri (Penawar-BN) regarding the status and development of the SFZ.

Onn Hafiz also highlighted nine incentives for Pulau Satu, including a concessional corporate tax rate of between zero per cent and 5%, compared to the current rate of 24%.

Additionally, Pulau Satu will be the first location in the country to offer a zero per cent tax rate for Family Offices for 20 years.

For the mainland area, he outlined two key incentives: a 100% investment tax allowance for five years, reducing statutory income by up to 100% for the logistics service sector; and a 5% tax rate for up to 20 years for global service centres and transfer services.

Onn Hafiz also noted that several local and international financial institutions, as well as logistics industry players, have expressed interest in investing in SFZ Forest City. 

These include Malayan Banking Bhd, Public Bank Bhd, United Overseas Bank, Credit Lyonnais Securities Asia and Tiong Nam Logistics Holdings Bhd.

“The state government is fully committed to supporting the SFZ Forest City initiative, as it will significantly benefit Johor’s economic growth and provide high-income job opportunities for the people,” he said.

To a question from Chiong Sen Sern (Bukit Batu-PH) regarding measures to prevent counterfeit products from entering the SFZ’s logistics sector, Onn Hafiz outlined several strategies.

These include the establishment of a new Customs Complex in Forest City, equipped with advanced technologies such as artificial intelligence (AI)-based baggage scanning machines and facial recognition systems.

On August 25, 2023, Prime Minister Datuk Seri Anwar Ibrahim announced the formation of the SFZ in Forest City, along with several incentives designed to stimulate economic activity in Johor and its surrounding areas. – November 27, 2024

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