Economic Affairs Minister Datuk Seri Mohamed Azmin Ali believes the implementation of the lower threshold for foreign ownership announced in the Budget 2020 is up to the state government.
During the budget tabling, the government lowered the property threshold for foreign ownership from RM1 million to RM600,000, reported Bernama.
“A few states have made the announcement that they will look into this matter (lowering the property threshold for foreigners) but certainly it is up to the state government to decide,” said Azmin.
Regarding oil royalty meanwhile, Azmin revealed the government has agreed in principle to make cash payments to the states of Sarawak, Terengganu, Sabah and Kelantan.
“We are still using the old method but it is no longer managed by the federal government and we pay it directly to the state government as it is a right guaranteed by the federal government,” he said.
On the 20 percent increase in oil royalty, Azmin said the matter was currently under discussion.