(Bernama) – The Malaysian government has agreed to 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).
MIDA said this is part of the proactive measures undertaken by the government to continue Malaysia’s economic revitalisation efforts by facilitating investment and restoring investors’ confidence.
“Under normal procedures, the approved companies are required to comply with certain conditions and implement their approved projects within a specific period as stipulated in approval letters issued by MIDA,” it said in a statement yesterday.
However, it said with the implementation of this relaxation mechanism, a company might be considered for certain relaxations on achieving the approved thresholds or meeting the implementation timelines of their approved projects, subject to compliance with identified criteria set by the government.
It said the relaxation of compliance with stipulated conditions is for the period between 2020 and 2021.
“To leverage this facility, 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 (MITI), as well as the Ministry of Finance (MoF),” it said.
It added that investors are encouraged to submit their appeal applications on relaxation of/amendments to incentive conditions to the relevant divisions for specific industries and services at MIDA.