By Ling Hui
KUCHING, Oct 13: Companies that are spending on Measurement, Reporting and Verification (MRV) related to the development of carbon projects can enjoy additional tax reductions of up to RM300,000.
This was proposed by the Federal government under Budget 2024 which was tabled by Prime Minister Datuk Seri Anwar Ibrahim in the Dewan Rakyat earlier today, to encourage more companies to participate in the voluntary carbon market.
He said expenses can be deducted from the income from the sale of carbon credits traded on Bursa Carbon Exchange (BCX).
On a related matter, Anwar said individuals or companies contributing to institutions, organisations or funds approved under Subsection 44(6) of the Income Tax Act 1967 which implements educational programs including sports education, can enjoy tax reduction of up to 10 per cent of aggregate income.
To encourage more private sector involvement in contributing through charity or community projects, the government will also give tax reductions to entities that sponsor tree planting activities or environmental preservation and conservation awareness projects certified by the Malaysian Forestry Research Institute (FRIM). — DayakDaily
