Malaysia on right path to become ESG focused nation — Powerwell
24 Feb 2023
Powerwell International Sdn Bhd is optimistic that Malaysia is on the right path to becoming an environmental, social and governance (ESG)-focused nation as well as promoting transparency in its corporate governance, following the tabling of Budget 2023 earlier today.
Its managing director Datuk Adam Yee said the extension of the pioneer status and investment tax allowance for another five years until 2027 is one of the most important incentives for the electrical and electronics (E&E) industry and this will encourage more companies to invest in technology.
“Furthermore, by offering tax incentives to companies that relocate to Malaysia and a 15 per cent tax rate for the C-suite until 2024, more companies in the E&E industry can benefit from tax exemptions or reductions on their investments in the country.
“This will also encourage foreign investors to continue investing in Malaysia and assist the country to remain competitive in the global market,” he said in a statement today.
Yee said the extension of the incentive application period for green investment tax allowance and green income tax exemption until Dec 31, 2025, would encourage companies from various industries to explore eligible green activities, such as solar activities and battery energy storage systems.
“This will significantly contribute to the increased usage of renewable energy measures as more Malaysian companies begin to adopt sustainable strategies within their organisations,” he said.
Yee further said that the RM1 billion allocation to help micro, small and medium enterprises (MSME) automate and digitise their business, as well as another RM100 million to support automation and digitisation among SMEs and petty traders, would help more companies accelerate their digital transformation journey.
Source: Bernama
