Incentives for companies to move base to TRX - PM
February 23, 2024 12:21 MYTH
Incentives for companies to move base to TRX - PM
Anwar said TRX represented a breakthrough in the government's mission to reform the national economy and financial architecture through Civil Economy. -Astro AWANI/Shahir Omar
KUALA LUMPUR: The government is providing several incentives to companies that move their base to the nation's new international financial center, the Tun Razak Exchange (TRX) in the nation's capital.
The Prime Minister, Datuk Seri Anwar Ibrahim said the incentives included industrial building allowances, tax exemptions on 70 percent of statutory income for a period of five years for property developers, stamp duty exemptions on loans and services for TRX company status.
Anwar who is also the Minister of Finance added that TRX represents a breakthrough in the government's mission to reform the national economy and financial architecture through Civil Economy.
"The Civil Economy framework represents a holistic strategy designed to reinvigorate Malaysia's economic landscape.
"This initiative not only addresses existing challenges, but also focuses on key areas for sustainable growth and resilience," he said when speaking at the Launching Ceremony of TRX as Malaysia's International Financial Hub, here, on Friday.
Also present was the Executive Officer, TRX City Sdn Bhd, Datuk Azmar Talib.
Speaking further, Anwar described the construction of TRX as capable of enhancing the narrative of Malaysia, which reflects its history as a country rich in trade.
At the same time, he said TRX is also an important landmark as a synergy between sophistication in construction that suits the demands of the times, in addition to being a financial hub for the industry's main players.
The Prime Minister added that the government is working to restore the livability standards of Malaysian cities.
"Putrajaya will be made a model city for low carbon as the efforts being carried out by the government to use renewable energy sources," he added.
TRX was developed with the aim of making Kuala Lumpur a world financial hub, at the same time being able to compete with international financial centers such as New York City, London, Paris, Frankfurt, Singapore, Hong Kong and Tokyo.
The landmark for TRX, the Exchange 106 Tower, is the second tallest skyscraper in Malaysia and the third in Southeast Asia.
