Budget 2020: Solar Tax Exemptions Extended to 2023
Solar Tax Exemptions Extended to 2023, says Lim Guan Eng
11 October 2019
Malaysia's renewable energy policies got a further boost in Budget 2020 with the Green Investment Tax Allowance (GITA) and Green Income Tax Exemption (GITE) receiving an extension to year 2023.
Finance Minister Lim Guan Eng announced the green tax measures to help the nation achieve its target of 20% renewable energy mix by 2025 when tabling the Budget 2020 at Parliament on 11 October 2019.
According to the minister, tax incentives will also be introduced to companies implementing solar leasing activities with income tax exemption of 70% for up to 10 years.
The ministry has also set a maximum capacity of 50MW bid for each developer in Third Round Large Scale Solar Program (LSS-3) to open up opportunities for more solar industry players to participate in this bid.
He also added that the government will also speed up the implementation of Energy Performance Contracts (EPC) for Government buildings, focusing on hospitals and educational institutions.
Source: The Star