2027 Budget: Green tax incentives extended to 2030
KUALA LUMPUR: The government will extend green tax incentives until the end of 2030, offering up to 100 per cent investment tax allowances for green projects and electric vehicle charging stations.
The Malaysian government has decided to extend green tax incentives until the end of 2030, according to Prime Minister Datuk Seri Anwar Ibrahim. The extension comes when the PM tabled the 2027 Budget in the Dewan Rakyat. Companies purchasing green technology assets for their own use will be eligible for investment tax allowances of up to 100 per cent.
Anwar stressed that Malaysia must ramp up its energy transition agenda to guarantee a sustainable energy supply, even as the nation has managed to withstand the impact of the Middle East conflict. However, he emphasized that this energy transition agenda must be intensified to ensure long-term energy supply sustainability. To bolster electricity infrastructure and meet increasing demand, Tenaga Nasional Bhd plans to pump RM15 billion into reinforcing the national grid.
Furthermore, UEM Lestra will invest RM1 billion, which includes funding for an energy storage project at Kuala Lumpur International Airport and a one-gigawatt hybrid energy project in Johor. Additionally, the RM1 billion KWAP Climate Fund will be allocated to green projects in renewable energy and decarbonisation initiatives.
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