The Ministry of Finance has gazetted the Free Zones (Amendment) (No. 2) Regulations 2023 which will come into operation on 1 August 2023.
The key amendments are as follows:
- The Deep Water Wharf in Section 4, Butterworth, North District, Seberang Perai, Penang is designated as a new free zone.
- The operational hours for this new free zone are:
- Monday to Friday: 8.00 a.m. to 11.00 p.m.
- Saturday: 9.00 a.m. to 6.00 p.m.
With the introduction of this new free zone, businesses located within the zone can enjoy benefits such as exemption from customs duties when importing raw materials, components and finished products into the zone.
Establishing new free zones forms part of the government’s initiatives to facilitate trade and enable businesses to operate more efficiently. Companies within these zones can leverage simplified customs procedures and other incentives to enhance competitiveness.
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