JOHOR BARU, Oct 15 — The Budget 2024 stimulates the development of the sectors that are being promoted by Iskandar Malaysia as an economic region, particularly tourism, creative industries, finance, business services and modern agriculture.
Iskandar Regional Development Authority (IRDA) chief executive Datuk Badrul Hisham Kassim said these initiatives indirectly increase the interest of investors in making the region a centre for investment thus, benefiting the local population and businesses.
“The economic restructuring, focusing on future-oriented investments in high-growth high-value sectors, aligns with one of the main focuses in the Iskandar Malaysia Comprehensive Development Plan (CDPiii) 2022-2030.
“The designation of 2026 as Visit Malaysia Year with an allocation of RM350 million to boost tourism promotions and activities allows Iskandar Malaysia and Johor to play a role as an international tourism gateway based on its proximity to Singapore,” he said in a statement today.
He said besides that, the proposal to set a special income tax rate ranging from zero to 10 per cent for film production companies, foreign film actors and film crews working on film production in the country could benefit the creative sector with the presence of international-level film studios such as Iskandar Malaysia Studios in the region.
“This is supported by an allocation of RM160 million to implement various initiatives to benefit artists, including the Digital Content Fund, Film in Malaysia Incentive (FIMI) and MyCreative Matching Grant Scheme,” he said.
He said the economic region also benefitted from the financial and business services sector through the Global Service Hub tax with an incentive income tax rate of five per cent or 10 per cent based on performance for up to 10 years.
“We welcome the government’s efforts to encourage automation tax for the commodity sector under the Ministry of Plantation and Commodities because it aligns with the focus on modern agriculture,” he said.
Meanwhile, Badrul Hisham said Iskandar Malaysia is ready to intensify its “green” efforts and position the region as a leader in environmental conservation and preservation.
“We have initiatives under Ikhtiar 7, which includes the Sustainable Agenda and Energy Transition, and efforts to alleviate hardcore poverty through income improvement programmes that target specific groups through the People’s Income Initiative (IPR), which began this year.
“We will continue to collaborate with investment promotion agencies such as the Malaysian Investment Development Authority (Mida) at the national level and Invest Johor at the state level as well as all strategic partners to realise the vision of Iskandar Malaysia as a strong and sustainable international metropolis,” he said.
Last Friday, Prime Minister Datuk Seri Anwar Ibrahim, who is also the finance minister, tabled the Budget 2024 amounting to RM393.8 billion, focusing on three main priorities — good governance for service efficiency, economic restructuring for growth and improving the people’s quality of life. — Bernama
