The Integrated Modern Agricultural Morcellement Scheme (IMAMS) has been set up in a context where food security is of prime concern both locally and globally. The objective of the Integrated Modern Agricultural Morcellement Scheme is to encourage modern and innovative agricultural practices through the development of an integrated agricultural facility. The integrated agricultural facility may include a residential area and other commercial facilities (warehousing, processing, packaging and sale facilities).
Under the Integrated Modern Agricultural Morcellement Scheme, promoters will benefit from the following:
- An 8-year tax holiday on income (conferred to planters)
- An exemption from payment of Registration Duty on acquisition of land (conferred to planters)
- Conversion of up to 15 % of that land for residential or commercial use and exemption from payment of land conversion tax (conferred to developers/landowners)