Dewan Approves 5 Bills To Make Forest City A Duty Free Zone

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Once approved by the Senate and the relevant laws are amended, Forest City would join the likes of Labuan, Langkawi, Tioman and Pangkor.
(FMT) – The Dewan Rakyat has approved five bills to make 770 acres of the Forest City property development area in Iskandar Puteri, Johor, a duty-free zone.
The five bills – which involve amending customs, excise, free zones, sales and service tax laws – were passed through a voice vote.
Once approved by the Dewan Negara and the relevant laws are amended, Forest City would join the likes of duty-free islands Labuan, Langkawi, Tioman and Pangkor.
Deputy finance minister Lim Hui Ying tabled the amendments for second and third readings today to implement special tax provisions for an island already developed there, known as Pulau 1.
She said the existing laws governing other duty-free islands would also apply to Forest City, including the requirement for visitors to stay on the island for at least two days to qualify for duty-free products.
Lim added that chocolates, cosmetics, alcohol and perfumes would be exempted from duty.
She also said the bills aim to boost trade, attract investments and stimulate economic activity in the region, as part of Putrajaya’s plans to create a special financial zone in Forest City to foster investment and economic growth in Johor.
During the debate of the five bills, Hassan Karim (PH-Pasir Gudang) raised concerns over foreign property purchasers in Forest City and advocated for 90-year leases instead of freehold properties.
However, during her winding-up speech, Lim said such a proposal should be directed to the Johor state government, which has the authority over land matters.
Meanwhile, Marzuk Shaary (PN-Pengkalan Chepa) said the expensive properties in Forest City remained out of reach of locals.
In response, Lim said that 73% of properties had been sold, with ownership being 70% Chinese nationals, 20% other foreigners and 10% locals. She said the island’s current population is 9,589, with 70% locals.
Meanwhile, Jimmy Puah (PH-Tebrau) suggested expanding the list of duty-free items to include electronics and other popular products to encourage more purchases by Singaporeans.
He also proposed reducing the 48-hour stay requirement to just one night to provide a competitive edge against the island republic.
The post Dewan approves 5 bills to make Forest City a duty-free zone appeared first on Malaysia Today.

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