Govt relaxes conditions for companies approved with incentives

KUALA LUMPUR: The 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 proactive measures undertaken by the government 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," it said in a statement today.

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 timeline of their approved projects, subject to compliance of 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, as well as the Ministry of Finance," it said.

It added that 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.

-- BERNAMA