Further Tax Deduction for Carbon Projects (FTC)
Try limit using powerful (but harmful) chemical cleaners
Instead of using powerful (but harmful) chemical cleaners to clear a clogged drain, use a combination of baking soda and vinegar. First manually remove what you can from the drain, then add the vinegar mixture. Let it sit for 15-30 minutes, and then run some hot water down the drain.
Further Tax Deduction for Carbon Projects (FTC)
In October 2021, at the tabling of national Budget 2022, Bursa Malaysia Berhad (“Bursa Malaysia”) received the mandate from the Malaysian Government to establish a Voluntary Carbon Market (VCM) initiative in the country. On 9 December 2022, Bursa Malaysia successfully launched the Bursa Carbon Exchange (BCX), which is the world’s first Shariah compliant carbon exchange, and this exchange enables companies to purchase standardised contracts with underlying verified carbon credits to, among others, offset their emissions and meet internal climate targets.
As part of the country’s aspiration to shift towards a lower carbon economy, the VCM provides opportunities to develop both nature and technology-based Carbon Projects in Malaysia by unlocking private financing to support our climate goals. To encourage participation from companies to develop Carbon Projects in Malaysia, a further tax deduction for companies that incur expenses on Measurement, Reporting and Verification (MRV) and activities related to the development of Carbon Projects were announced by the Honourable Prime Minister of Malaysia on 13th October 2023, during the tabling of the Budget 2024.
Further tax deduction of up to RM300,000 will be granted to companies that incur expenses on MRV and activities related to the development of Carbon Projects. This incentive is applicable to companies that submit applications to Malaysian Green Technology and Climate Change Corporation (MGTC) from 1 January 2024 to 31 December 2026. The further tax deduction is deductible from the carbon credit income derived from trading at the BCX.