Budget 2023: Govt to enhance green tech financing scheme

KUALA LUMPUR: The government will enhance the green technology financing scheme (GTFS) by increasing the financing guarantee to RM3 billion until 2025, in addition to expanding the scope of financing, especially to the electric vehicles (EV) sector with a guarantee limit of up to 60 per cent.

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the financing guarantee for the EV waste management sector will also be raised to 80 per cent.

"Khazanah Nasional Bhd will provide RM150 million via the Impact Fund to boost the development of environmentally-friendly projects including supporting the carbon market and the restoration of degraded forests," said Tengku Zafrul when presenting Budget 2023 in Parliament today.

As a continuous measure to support the use of EVs, the government also plans to give waivers on import and excise duties on imported EVs until Dec 31, 2024, and exemptions on approved permit (AP) fee for imports of EVs until Dec 31, 2023.

Tengku Zafrul also said EV charger manufacturers will also be given a 100 per cent income tax exemption on statutory income from assessment year 2023 to assessment year 2032 and a 100 per cent investment tax allowance. - Bernama

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

EV , GTFS , carbon , environment friendly , import duty , excise


Next In Business News

Oil rebounds after hitting 2022 lows, demand concerns cap gains
Financial planners urged to embrace technology to better serve clients
KL shares flat at midday
Elon Musk briefly loses top spot on Forbes billionaire list
Asia stocks edge up despite global growth worries
Malaysian banks remain steadfast in supporting economic recovery
Ringgit opens higher against US dollar
Muhibbah gets to increase orderbook with PETRONAS Carigali job
Quick take: KNM falls 10% in active trade over default concerns
FBM KLCI little changed in early trade

Others Also Read