Green Investment Tax Allowance (GITA) Asset 2024
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.
The Government has made a strong stance in renewable energy targets by increasing the share of renewable energy in the electricity generation capacity mix to 70% by 2050. In line with Malaysia’s aspiration to be an inclusive, sustainable and carbon neutral nation by 2050, the Government had announced the revision of Green Technology Tax Incentive during the 2024 National Budget.
The revision of Green Technology Tax Incentives provides tax incentive based on tiering approach and categorised into three (3) categories as follows:
- Green Investment Tax Allowance (GITA) Project for Business Purposes;
- Green Investment Tax Allowance (GITA) Asset for Own Consumption; and
- Green Income Tax Exemption (GITE) Solar Leasing.
Based on the revision, the qualifying asset has been expanded to various list of assets while previous GITA Project for Own Consumption is combined with GITA Asset. Meanwhile, the qualifying activities for GITA Project for Business Purpose are expanded to cover new green technology projects namely green hydrogen, electric vehicle charging station and wind energy.