KUALA LUMPUR, Aug 8 (Bernama) -- The Malaysian Photovoltaic Industry Association (MPIA) has welcomed the government's introduction of green technology incentives, namely the Investment Tax Allowance (ITA) and Income Tax Exemption (ITE), saying they will spur the growth of the country's green economy.
The incentives enable companies to claim tax allowance for the purchase of green technology equipment/assets and for green technology service providers to claim tax exemption, MPIA said in a statement.
ITA and ITE were introduced by the Ministry of Energy, Green Technology and Water and jointly implemented by the Malaysia Green Technology Corporation and Malaysian Investment Development Authority.
MPIA President Ahmad Shadzli Abdul Wahab said the ITA and ITE are a great boost for the industry as these incentives would further strengthen the solar energy sector and solidify the foundation for Malaysia to be a green technology hub in the region.
"From our study, the fact that the ITA would reduce net investment cost on green assets by up to half and speed up return on investment is indeed very attractive from an industry standpoint.....