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GITA & Income Tax Exemption up to 10 years for solar leasing activities

KUALA LUMPUR, Oct 11  --  Companies undertaking solar leasing activities will be given the Green Investment Tax Allowance (GITA) and Income Tax Exemption of up to 10 years under Budget 2020, said Finance Minister Lim Guan Eng.

“We intend to attain Malaysia’s goal to generate 20 per cent of the country’s energy consumption from renewable sources by 2025,” he said when tabling the 2020 Budget at Parliament today.

Lim added that last year, the government had significantly expanded the qualifying list of green assets for GITA under the MyHijau directory.

Meanwhile through Energy Performance Contracting (EPC), the upfront capital investment into energy saving equipment for government buildings would be repaid through the savings in utility costs achieved.

In 2020, the government will accelerate EPC implementation for government buildings, prioritising hospitals and education institutions.

At the same time, Lim said the government has decided to migrate the current power purchase system towards a wholesale market in the future, as part of the liberalisation of the electricity market.

Renewable energy suppliers would also be able to compete directly in the retail market, he said.

He pointed out that the more transparent and competitive electricity market would ensure lower electricity costs for Malaysian consumers.

-- BERNAMA

 

 

 

 

 

 

 

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