Mines Wellness City (MWC) offers several tax incentives for its developer, managers and operators, as follows:
A. Income tax exemption of 100% on the statutory income derived from:
The disposal of any right or rights over any land or disposal of a building or rights over a building or part of a building located in Mines Wellness City from the first-year of assessment MWC Developer derives statutory income until the year of assessment 2023; o r The rental of a building or part of a building located in Mines Wellness City fro m the first-year of assessment MWC Developer derives statutory income until the year of assessment 2026.
B. Stamp duty exemption of 50% on instruments of transfer of land or lease of land or building by MWC Developer in the MWC executed from 1 January 2013 until 31 December 2023
- Income tax exemption on income derived from providing management, supervision or marketing services to developer in MWC from YA 2013 to YA 2023.;
- 70% income tax exemption on income derived from qualified activities in healthcare services or complementary and traditional healthcare services carried out in MWC for 5 years from date of commencement of business of the said qualifying activities; or
- Investment Tax Allowance of 60% or more for 5 years on qualifying capital expenditure incurred for qualifying activities carried out within MWC and this allowance is allowed to be set-off against 70% of statutory income for relevant YA.
*YA = year of assessment
For more information and other business opportunities on MWC, visit www.mineswellnesscity.com or contact 03-8943 8811.