Sceptics doubt the move will inject new life into the waning project, which could soon join other duty-free islands such as Labuan and Langkawi
[KUALA LUMPUR] Malaysia’s Lower House approved five Bills on Wednesday (Jul 17) to designate about 311 hectares (ha) of Forest City in Johor as a duty-free zone, as the country aims to revitalise the beleaguered mega development, attract investments and boost economic growth.
Deputy Finance Minister Lim Hui Ying tabled the amendments for their second and third readings during a parliamentary session on Wednesday to implement special tax provisions for the designated area, Pulau Satu.
The proposed legislation, which is currently pending Senate approval, follows Prime Minister Anwar Ibrahim’s announcement in 2023 to establish Forest City as a special financial zone.
