On 5 June 2020, Malaysia's Prime Minister announced a new MYR 35 billion economic recovery plan in response to COVID-19 that contains several tax measures.

One of the main measures is a new tax holiday incentive (0% tax rate) for foreign manufacturers that relocate their operations to Malaysia, which includes:

• a 10-year tax holiday for fixed assets investment of MYR 300 to 500 million; and
• a…