GE15 NEWS   Kudat Independent MP backs unity government | Hamas leader congratulates Anwar on appointment as PM | GRS will abide by Agong 's decision on formation of unity govt - Hajiji | Zahid, Wan Azizah, Loke win while Saifuddin, Rezal Merican lose | 
BUSINESS

CIDB hopes govt provide technology incentives in Budget 2023

30/09/2022 12:03 PM

By Zarul Affendi Razali

KUALA LUMPUR, Sept 30 (Bernama) -- The need for the construction sector to move along with technological development while preserving the environment is crucial in ensuring that the players in this sector are able to continue to compete in the domestic and international markets.

Therefore, in Budget 2023, to be tabled on Oct 7, construction industry players are hoping that the government would introduce special incentives for the use of high-technology as well as green and sustainable construction practices.

Construction Industry Development Board (CIDB) chief executive Datuk Ahmad Asri Abdul Hamid told Bernama that among the incentives expected from Budget 2023 are tax incentives for IR4.0 readiness.

He said CIBD hopes that the budget will announce tax incentives through double deductions for investment in upgrading business infrastructure to enable hybrid work arrangements and exempting sales and service tax (SST) for the purchase of software related to architecture.

CIDB also proposes that the government, through Budget 2023, provide subsidies and incentives for construction machinery equipment.

“This is to encourage industry players to use modern technology in construction. The use of machinery also reduces dependence on unskilled foreign labour,” he said.

He also said that Budget 2023 should provide incentives to train professionals in the use and development of the latest technology.

In terms of sustainable/green construction, Ahmad Asri hopes that a double tax deduction will be granted on additional green costs incurred in the construction of buildings certified as green buildings and the cost of obtaining consultations related to green buildings.

He also expects the granting of an income tax allowance for costs incurred for re-certification, as well as a double tax reduction for a period of 10 years by green lease tenants, and a 10-year tax exemption for green lease rent received by land owners.

Ahmad Asri said it is also hoped that the government, through Budget 2023, expand the list of assets eligible for Green Investment Tax Allowance (GITA) under myHIJAU, in addition to providing stamp duty exemptions to buyers, owners and developers of green buildings.

Meanwhile, he said the government should provide grants/subsidy schemes for existing buildings to make them green, as well as reduce development charges and give a higher plot ratio for Gold and Platinum green building certificate holders.

He also said that the government should implement a double tax cut for developers who have provided centralised labour quarters (CLQ) for workers who have incurred high costs to comply with the Workers’ Minimum Standards of Housing and Amenities Act 1990 (Act 446).

-- BERNAMA


Bernama provides the latest authentic and comprehensive news and information to media agencies and the public. The news and information is disseminated via the website www.bernama.com; BERNAMA TV broadcasts on the Astro 502, unifi TV 631 and MYTV 121 IFLIX channels as well as BERNAMA Radio on the FM93.9 frequency in the Klang Valley, FM107.5 in Johor, FM107.9 in Kota Kinabalu and FM100.9 in Kuching.

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2022 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy