Companies moving to Tun Razak Exchange to enjoy incentives, says PM

• Prime Minister Datuk Seri Anwar Ibrahim said the incentives include an industrial building allowance, a tax exemption for 70% of the statutory income for five years for property developers, and a stamp duty exemption for loan and service agreements. 

KUALA LUMPUR (Feb 23): Prime Minister Datuk Seri Anwar Ibrahim on Friday announced incentives for companies relocating their bases to the country’s new international financial centre (IFC), the Tun Razak Exchange (TRX) here.

Anwar said the incentives include an industrial building allowance, a tax exemption for 70% of the statutory income for five years for property developers, and a stamp duty exemption for loan and service agreements. 

The finance minister added that after a decade of development, TRX symbolises Malaysia's aspirations to create a leading global financial district, supporting its ambition to compete on the world stage.

"As the country's IFC, TRX enjoys special status. With this status, the government has provided a slew of incentives for companies moving their bases here," he said.

"Already, TRX is home to major financial players. Today's launch of TRX also represents a milestone forward in the government's mission to renew the country's economic and financial architecture through the Madani Economy," Anwar noted.

He said geographically, Malaysia is in a strategic location straddling the most important trade routes, being also a key part of various global supply chains.

Beside this, Anwar added that the government is also currently taking on a whole-of-government approach in achieving a common goal, including working hand in hand with the Ministry of Economy to decide the country's economic trajectory. 

“Of paramount importance to the near-term fiscal recovery is the subsidy targeting exercise, which the Ministry of Finance and the Ministry of Economy are responsible for collectively,” he said.

Also present at the official launch of TRX as Malaysia’s IFC on Friday was Finance Minister II Datuk Seri Amir Hamzah Azizan, Treasury secretary general Datuk Johan Mahmood Merican, and TRX City Sdn Bhd (TRXC) chief executive officer Datuk Azmar Talib.

“TRX is not just another real estate development, but a green IFC that is a national aspiration for the country. It is the result of a carefully thought-out master plan for a district that is well connected, smart, safe, secure, sustainable, and features world-class infrastructure and built environments,” Azmar Talib said during the event. 

TRX investment partners include the Lendlease Group of Australia, Mulia Group of Indonesia, HSBC Malaysia, Affin Group, CORE Precious Development Sdn Bhd, Veolia, IJM Group and Prudential Malaysia. 

With over 30,000 employees, including 20,000 knowledge workers, TRX has become a bustling business hub expected to drive economic growth and innovation while creating job opportunities.

Situated in the heart of Kuala Lumpur, TRX spans 70 acres and boasts modern infrastructure.

TRXC, a subsidiary of MOF Inc, is the master developer of the TRX district.

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