ISKANDAR MALAYSIA’S MEDINI DEVELOPER INCENTIVE SCHEME UNDER REVIEWIskandar Malaysia
ISKANDAR MALAYSIA, THURSDAY, 1 Nov 2018 – In line with Iskandar Malaysia’s Low Carbon Society Blueprint and participation in the Conference of Parties, UN Framework on Climate Change, IRDA introduced a scheme encouraging Medini Approved Developer companies to undertake “green” building certifications, either with Green Building Index or GreenRE in Oct 2013.
This scheme allows for Approved Developer companies to apply for an extension of their income tax relief period, expiring in Year of Assessment 2020 to Year of Assessment 2025. At the same time, withholding tax exemptions for technical advice, services or assistance, interest or royalty can also be extended to 31 Dec 2020, from the original 31 Dec 2015 expiry date.
9 out of 40 Approved Developer companies in Medini have subscribed to the scheme and are benefitting from the tax incentive extensions.
This scheme is currently under review by the approving authorities and no new applications will be entertained with effect 1 Nov 2018. IRDA will update all stakeholders on this matter on the progress of this review from time to time.