NCER tax perks
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GEORGE TOWN: Prime Minister Datuk Seri Najib Abdul Razak has approved a special tax incentive to attract quality investors to the Northern Corridor Economic Region (NCER).
“This package will help elevate investments in Perlis, Kedah, Penang and Perak,” he said yesterday when l aunching t he NCER Development Blueprint 2016-2025 (Blueprint 2.0) at the Setia SPICE Convention Centre in Bayan Baru.
“The special tax package is for companies engaged in manufacturing, agriculture, bio- Latest LatestAllStar, AllStar, industries and services in the four states.”
Najib said the NCER would realise a total accumulated investment of RM146.5 billion by 2025.
The blueprint focuses on the creation of new industries, investments in human capital development and the establishment of strategically planned projects.
Anchored on the theme of “Growth with Social Equity”, Najib said the blueprint outlines development plans to generate sustainable and economic development
f or t he northern
zone, to be achieved by 2025.
Each state in the northern region, namely Perlis, Kedah, Penang and Perak, had its own strengths and uniqueness that when combined, would bring more rapid progress to the people in the states, he said.
“This is the philosophy behind the establishment of NCER,” he said.
He also said the gross domestic product (GDP) for NCER was expected to reach RM300 billion by 2025, with the average household income rising to RM12,964.
“The average household income of the B40 group will rise to RM6,043,” he added.
Studies showed GDP growth of the northern corridor was encouraging, at 5.4% per annum from 2010 to 2014, which was 0.8% higher than the country’s GDP growth rate.
The blueprint outlines 80 development projects across the four states encompassing “Growth Nodes”, “Transcending Borders” and “Localised High Impact” projects.
The seven growth nodes in the four states are: Kedah Rubber City and Kedah Science and Technology Park; Chuping Valley Industrial Area and Perlis Inland Port; Greater Kamunting Conurbation and the Manjung-Amanjaya Maritime City in Perak; and the Batu Kawan Development in Penang. Najib said the blueprint continues the legacy of former premier Tun Abdullah Ahmad Badawi, who is from Penang, and the commitment by the government to give back to society.