The current tax concessions will expire next year.
It is proposing zero tax for individual local and foreign investors and 10 per cent flat withholding tax for all investors.
"The current tax concessions granted by the MOF (Ministry of Finance) for REITs will run out next year.
"Hence, there is an urgent need to ensure that industry players will continue to benefit from a similar or enhanced tax regime in the coming years," MRMA chairman Stewart LaBrooy said in a statement.
The MRMA also wants to establish a framework to develop the industry and coordinate investment opportunities and networking in the region.
This will help industry players to have more effective discussions with the MOF and other authorities on issues that affect the industry.
The MRMA held its annual general meeting (AGM) recently, during which 10 REIT managers participated in the election of its office bearers. The elected representatives will represent the REIT industry in the country.
The AGM saw the appointments of Axis REIT chief executive officer (CEO) Stewart LaBrooy as the MRMA's chairman, AmFirst REIT CEO Lim Yoon Peng and Amanahraya REIT CEO Adenan Md Yusof as its vice-chairman 1 and 2 respectively.
Hektar REIT's CEO, Zalila Mohd Toon, was appointed the association's treasurer, while Tower REIT's CEO, Chan Wan Leong, was appointed its secretary.
By Business Times
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