Special Incentives on Going Green!
11 Aug 2016
In efforts to ensure Malaysia’s competitive advantage in the green technology industry, Malaysian Investment Development Authority (MIDA) and Malaysian Green Technology Corporation (GreenTech Malaysia) are jointly rolling out an investment tax allowance (ITA) for the purchase of green technology equipment/assets and income tax exemption (ITE) for green technology service providers.
Under the leadership of the Ministry of Energy, Green Technology and Water (KeTTHA), the incentives aim to catalyse investments in the adoption of green technology as well as promoting the purchase of certified green technology products.
The tax allowances and exemptions is meant to encourage the use of green technology in the sectors of renewable energy, energy efficiency, green buildings, data centres, waste management and electric mobility.
CEO of MIDA, Dato’ Azman Mahmud says: “We would like to encourage more companies to implement greener practices by generating energy from renewable energy sources, installing energy efficient equipment, and decreasing their waste through various recycling initiatives with the aim to ultimately reduce the greenhouse gas emissions to the environment.”
The 100% ITA is specifically for qualifying capital expenditure incurred on green technology projects or the purchase of green technology assets that are listed under the MyHIJAU Directory, which offers a one-stop centre for internationally and locally certified green products and services.
Source : Business Today