Budget 2020: Tax exemptions, incentives for tourism sector in conjunction with Visit Malaysia 2020 | Malay Mail

Friday, 11 Oct 2019 05:25 PM MYTPeople watch a ‘live’ telecast of the tabling of Budget 2020 by Finance Minister Lim Guan Eng at an eatery in Kuala Lumpur October 11, 2019. — Picture by Firdaus Latif

KUALA LUMPUR, Oct 11 — The federal government has announced several major incentives and tax breaks for the tourism sector in an effort to promote Visit Malaysia 2020 . In tabling the Supply Bill 2020 in Parliament today, Finance Minister Lim Guan Eng said to encourage more tourists, the government will offer tax incentives to new investments in theme parks and organisers of international cultural and sports programmes.

“Companies which support arts and cultural activities will be given tax incentives in the form of income tax exemption,” he said here. In the government’s effort to target 30 million tourists in VMY2020, Lim said a total of RM1.1 billion will be allocated to the Tourism, Arts and Culture Ministry for the purpose of promoting relevant programmes in conjunction with VMY2020.

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