Johor VEP plan won't affect Iskandar investments

Johor VEP plan won't affect Iskandar investments

NUSAJAYA, Aug 7, 2014:
The decision to impose a vehicle entry permit (VEP) fee on Singapore-registered vehicles entering Malaysia via Johor Baru will not likely affect foreign investments in Iskandar Malaysia, said Iskandar Regional Development Authority (IRDA) chief executive Datuk Ismail Ibrahim.
He said as Singapore, being one of the largest investors in Iskandar Malaysia with a total investment of RM11 billion, had also imposed the VEP and it would understand its rationale.
"We have not receive any negative statements or opinions from investors on VEP. We are looking at long-term efforts to develop Iskandar Malaysia with an influx of foreign investors.
"Foreign investors are undeterred by VEP. We do not expect any investors to withdraw over VEP, instead they are here for the long haul. They have not said VEP is detrimental (to investment)."
Ismail said only those, who ventured into short-term investments, might feel the VEP would pose a problem to them.
The VEP is said to be implemented by the year end, although the details are still under discussion.
On July 1, Singapore's Land Transport Authority announced that it would raise the VEP and goods vehicle permit fees for foreign-registered vehicles coming into Singapore.
From last Friday, drivers of foreign-registered cars will have to pay S$35 (RM90) for a daily permit, up from S$20. Drivers of goods vehicles will pay S$40 for a monthly permit, four times more than S$10 now.

Source: The Rakyat Post


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