Govt to give relaxation on manufacturing sector

by TMR

THE government will provide certain relaxation of conditions to manufacturing and services companies that have been approved with incentives under the purview of the Malaysian Investment Development Authority (MIDA).

This is part of the measures undertaken  to continue Malaysia’s economic revitalisation efforts by facilitating investments and restoring investors’ confidence.

Under the normal procedure, the approved companies are required to comply with certain conditions and implement their approved projects within a specific period, as stipulated in the Approval Letters issued by MIDA.

“However, with the implementation of this relaxation mechanism, a company may be considered for certain relaxations on achieving the approved thresholds or meeting the implementation timeline of their approved projects, subject to compliance of identified criteria set by the government,” MIDA said in a statement today.

The relaxation of compliance with stipulated conditions is for the period between 2020 and 2021.

Companies are required to submit their soonest requests to MIDA with relevant supporting documentation based on the prevailing policy decisions set by the Ministry of International Trade and Industry as well as the Ministry of Finance.

Investors are encouraged to submit their appeal applications on relaxation/amendment of
incentive conditions to the relevant divisions for specific industries and services in MIDA.