In recognising Green Technology as a driver for the nation’s economic growth the Government has provided the investment tax allowance for the purchase of green technology equipment and income tax exemption for green technology services companies to further spur the adoption and awareness of green technology in the various sectors of the economy.
The objectives of the incentives are:
- To encourage investments in green technology on project basis either for business purposes or own consumption.
- To motivate companies in acquiring green technology assets.
- To enhance the number of green technology service and system providers.
These incentives are offered in three categories:-
- Green Investment Tax Allowance for projects (GITA-Project) – applicable for companies that undertake qualified green technology projects.
- Green Investment Tax Allowance for assets (GITA- Asset) – applicable for companies that purchase assets listed under the MyHijau Directory.
- Green Income Tax Exemption (GITE) – applicable for green technology service companies listed in the MyHijau Directory.
The MyHijau Directory is a comprehensive guide that list certified green products and service providers carrying the MyHIJAU Mark, an official green recognition scheme endorsed by the government of Malaysia, bringing together certified products and services that meet local and international environmental standards under a single mark.
Applications for GITA-Project and GITE are to be submitted to the Malaysian Investment Development Authority (MIDA) while applications for GITA-Asset are to be submitted to the Malaysian Green Technology Corporation (GreenTech Malaysia).