Veerinderjeet Singh’s Post

In Malaysia, there is an increasing emphasis on environmental sustainability and green initiatives, driven by both government policies and private sector efforts. To support this, tax incentives play a crucial role in promoting investments in green technology and sustainable practices, aiming to foster eco-friendly business solutions and support Malaysia’s commitment of achieving carbon neutrality by 2050. In this article by our Tax Partner, Feruz Anwar Seth assisted by our Pupil Wei Lum Chee, they provide an Overview of Malaysia's Green Investment Tax Allowance (GITA) & Green Income Tax Exemption (GITE). Through continuous collaboration between the government, private sector, and the community, Malaysia is well-positioned to achieve its environmental objectives and contribute to global efforts in combating climate change. For more details, please click the link below: https://lnkd.in/gWpzakUq #zrp #zrplaw #zrpknowledgecentre #Tax #ESG #Sustainability #GreenTech #Malaysia #ClimateChange

With the nation striving towards its ambitious goal of achieving carbon neutrality by 2050, tax incentives such as the Green Investment Tax Allowance (GITA) and Green Income Tax Exemption (GITE) are crucial in encouraging businesses to invest in eco-friendly solutions. These incentives aim to minimize financial barriers, boost investments in green technology projects, and support Malaysia's commitment to reducing greenhouse gas emissions. From GITA Assets and Projects to GITE Services and Leasing, these initiatives are designed to support companies in their journey towards sustainability. Have a read of the article below to learn more about how these incentives are driving Malaysia’s green agenda #Sustainability #GreenTechnology #TaxIncentives #EnvironmentalSustainability #GreenEconomy #CarbonNeutrality #Malaysia

Carbon tax is coming! Are you ready? The carbon tax is a policy that will charge businesses and individuals for their emissions of greenhouse gases. It is a key tool in the fight against climate change, as it can help to reduce emissions and encourage the transition to a low-carbon economy. The carbon tax is coming to Indonesia in 2025. By taking action now, we can help to ensure that we are prepared for this change and that we are doing our part to address climate change. DM us and get a FREE carbon footprint analysis for your company! ___________ Follow Us at other platform Facebook: Satuplatform LinkedIn : Satuplatform Website: www.satuplatform.com Youtube : Satuplatform Email: contact@satuplatform.com #satuplatform #sustainabilityreport #sustainabilityrating #sustainability #sustainabilityassessment #environmentalsustainability #esg #environmental #social #governance #esgmanagement #carbonaccounting #carbonfootprint #carbonemissions #sdgs #sustainability #sustainabledevelopment

🌱Latest Sustainability Efforts in Malaysia 🌱 One of the latest significant efforts taken by Malaysia towards sustainability is highlighted in Budget 2024, which prioritizes Environmental, Social, and Governance (ESG) principles. Unveiled by Prime Minister Anwar Ibrahim, this budget allocates substantial funds for renewable energy, sustainable agriculture, and green transportation, marking a pivotal step in transforming Malaysia into a low-carbon economy. Key initiatives include: 🌍 Tax Deductions: Up to RM50,000 for ESG-related expenditures, encouraging businesses to enhance their sustainability reporting and climate risk management. 🌍Green Technology Incentives: Extended tax incentives for companies involved in qualifying green activities, promoting investments in environmentally friendly technologies. 🌍Support for Electric Vehicles: Tax deductions for companies renting electric vehicles, fostering the transition to cleaner transportation options. These measures reflect the government's commitment to reducing the carbon footprint while ensuring that the benefits of economic growth are equitably shared among all segments of society. As we move forward, these initiatives not only aim to combat climate change but also position Malaysia as a leader in sustainable development in the region.💚 #Sustainability #ESG #Malaysia #Budget2024 #RenewableEnergy #GreenTechnology #BeResposible #ikitar #DigitalKitarSemula

🤔#Didyouknow that Singapore is the first country in Southeast Asia to introduce a carbon tax?   To complement the carbon tax, businesses can explore purchasing carbon credits to offset up to 5% of their taxable emissions. However, not all projects qualify; the Ministry of Sustainability and the Environment, Singapore and the National Environment Agency have established stringent Eligibility Criteria under the International Carbon Credit Framework to ensure that only high-quality credits are used.   Check out our article for a concise overview of carbon tax and carbon credits in Singapore: https://lnkd.in/g-qmFnzV   #ESG #sustainability #climatechange #climateaction #carbontax #carboncredits #greengrowth   Climate Impact X

It was a roomful of tax professionals. I only have one message to impress on - don’t forget about the accounting aspect of Pillar Two. Why? 1. Expect data gaps. Pillar Two requires more than 100 data points per entity, and many of which are accounting data that are granular and may not be readily available in accounting ledgers. 2. Time is running out. If Pillar Two legislation is expected to be effective from 1 January 2025, transition attributes such as Deferred Tax Adjustments will be based on the deferred tax liabilities and deferred tax assets as reflected and reported in financial statements for financial year ending 31st December 2024 (for December year end entities). Therefore, it is in a reporting group’s interest to ensure that its deferred tax estimates are as accurate as possible and properly disclosed. 3. Top-up tax has to be provided as a current tax in the financial statements from the effective date of the Pillar Two legislation. Financial accountants will need the top-up tax calculation and assess for uncertain tax position before the tax filing of the GloBE return. 4. Appropriate application of accounting policies may help a group / entity manage its top-up tax exposure. Shipping groups, which hedge its FX, interest rate, freight and bunker prices, may consider better aligning its accounting with their risk management strategies to minimise GloBE Income volatility. Classification of vessels (e.g. fixed asset, inventory, right of use) or held via a joint venture may impact the top-up tax calculation too. Tax and accounting collaboration will be key to a successful Pillar Two implementation. That’s what we do here in #Deloitte. Happy May Day ahead! #DeloitteSG #PillarTwo

The shift from fossil fuels to renewable is non-negotiable. I am convinced that financial insights are critical in the Sustainability drive and will help shape the future of our economy and planet. I look forward to joining the ACCA Asia Pacifc Dialogue 2024 to delve into this crucial transition, understanding its implications and opportunities. https://lnkd.in/gwf9jNW8 #accaglobal

Back to the classroom in Kuala Lumpur today for a much needed update on Sustainability standards and reporting, in my role as a Board member of the Financial Reporting Foundation of Malaysia. It was an insightful and well attended sharing session on IFRS Sustainability Standards, run by the international team that was engaged in the development and issuance of IFRS S1 and S2 by the International Sustainability Standards Board (ISSB). My there main takeaways: 1. As sustainability is becoming a mainstream part of investment decision-making, there is strong market demand for standards that meet the needs of investors, and ending the "alphabet soup" of initiatives 2. The challenge is making ISSB Standards the global baseline, while achieving efficient reporting through interoperability with other frameworks 3. Companies will no doubt find it demanding to meet some of the quantitative information requirements, but the standard setters have been kind enough to allow some transitional reliefs. Bottom line, there is much work to do for corporates on this journey and not a moment to lose! #ESG #Sustainability #ISSB Ivy Kuo Denis. Daley Andrew Chan

Ernst & Young's proposal for sustainability funding and tax incentive changes in Singapore's Budget 2024 wishlist reflects a strategic push towards fostering a more sustainable and resilient business landscape. The call for targeted support for Small and Medium-sized Enterprises (SMEs) underscores the importance of aligning economic policies with environmental goals, emphasizing the need for financial mechanisms that encourage sustainable practices. This proposal not only acknowledges the pivotal role SMEs play in the economy but also recognizes the imperative of incentivizing sustainable practices to accelerate the nation's progress towards a greener and more resilient future. #EconomicSustainability #ClimateIncentives #SingaporeBusiness #GreenEconomyDiscussion

I might be belabouring the point (May 1st pun somewhat intended), but as with many aspects of the Pillar 2 world, understanding the international shipping income exclusion rules is not quite a smooth sailing (pun irresistible) process! The consolidated commentary (some 330 pages) released on 25 April 2024 by the OECD, to the Pillar Two global minimum tax rules (see https://lnkd.in/gSeryfap) obviously has the benefit of centralising some of the useful guidance materials and relevant literature into ONE single document; for the marine & offshore sector however, that consolidation may only be of slight relief as it would be remiss not to consider the treaty-based Subject-To-Tax Rule (STTR) and their parameters, the guidance materials on Article 8 of Model Tax Conventions concerning the taxation of profits from International Shipping and Air Transport, tonnage tax regimes etc. For those who were able to join us at the event below, hopefully you took away some useful insights from the Deloitte and Maritime and Port Authority of Singapore (MPA) teams. https://lnkd.in/g7WqqUr7 @Caroline GOH Daniel Jin Khee Ho Li Mei Liew Kong Ping Chua Tien Chi Wong Wenjie Chan Swati G.