Tun Razak Exchange: Another failed mega-project?


DAP national publicity chief Tony Pua has signalled the possibility that the rebranded Tun Razak Exchange (TRX) may end up as another failed mega-project.
 
Despite Prime Minister Najib Abdul Razak saying the TRX, formerly known as the Kuala Lumpur International Financial District (KLIFD), would be "more inclusive", Pua argued that it has in fact became "more exclusive" with the rebranding exercise.
 
NONE"Nothing in (Najib's) speech indicated how the mega-project has become anything more inclusive," Pua (right)said in a statement today.
 
"Instead, he hinted at how the project will become even more exclusive with more promised incentives to those intending to participate in the project."

He explained that the existing tax incentives are "unheard of" and show how hard it will be to execute the project.

The promise of even more incentives would suggest that even the initial incentives are insufficient, said Pua.
 
He pointed out that, under the KLFID, qualified companies already enjoyed tax exemption for 10 years, as well as other benefits such as stamp duty exemption on loan and service agreements.

[More to follow]
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