KUALA LUMPUR, Feb 23 (Bernama) -- The Ministry of International Trade and Industry (MITI) has proposed to amend or review the Promotion of Investments Act (1986) to boost the development of domestic investments, said secretary-general Datuk Dr Rebecca Fatima Sta Maria.

"The move is to allow domestic companies that are already in operation to avail themselves of the incentives and benefits. The idea is not to frustrate domestic companies but facilitate growth and transformation," she said at a media conference on Government Support to Domestic and Foreign Investors here today.

She said MITI has also proposed to review the criteria to allow more domestic companies to benefit from small-scale incentives by raising the preferential tax threshold for small and medium enterprises (SMEs) from RM500,000 to RM2.5 million.

Apart from that, MITI has also proposed to extend the Reinvestment Allowance to selected services sector, she said.

"We are not bias in providing support. Investors are important. We do it regardless of whether they are domestic or foreign. We do not discriminate against one or the other," she said.

-- BERNAMA