Mustapa explains Lynas tax perk

KUALA LUMPUR MALAYSIA is giving tax incentives to strategic and high impact projects to attract overseas investments and be globally competitive. Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said in light of various attractive perks offered by other countries, the government will consider other incentives in addition to those provided under Section 127 of the Income Tax Act 1967. He said this in response to a debate in Parliament on the incentives given to Lynas Advanced Material Plants in Pahang. Mustapa clarified that Lynas was given tax breaks because it is a+ strategic sector that will help build an ecosystem for downstream high technology and green technology industries. It will also generate economicspin-offs.

Siemens of Germany has also shown interest to invest in such green technology here, he added.

Resource: The New Straits Times, Page: 16
Date: Wednesday, 20 June 2012