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 15-year tax holiday for fixed assets investment exceeding MYR 500 million. Manufacturers with an existing company in Malaysia may be eligible for a 100% investment tax allowance for 5 years for relocating its foreign...