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).
In a statement today, Mida said this was part of the proactive measures undertaken by the government to continue Malaysia's economic revitalisation efforts by facilitating investments and restoring investors' confidence.
"The government hopes that this measure will further assist in supporting and stimulating the growth of the manufacturing and services sectors in Malaysia given the onset of the Covid-19 pandemic and the enforcement of the Movement Control Order (MCO) which have challenged economic activities and businesses," it said.
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.
With the relaxation, 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.
The relaxation of compliance with stipulated conditions was for between 2020 and 2021, Mida said.
The agency said to leverage the facility, companies must submit their soonest requests to it 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 or amendment of incentive conditions to the relevant divisions for specific industries and services in Mida.
Source: https://www.nst.com.my/business/2021/04/680079/malaysia-relaxes-certain-conditions-manufacturing-services-firms