Happy reading to all of you.
Today, I write to draw your immediate attention and action to this particular above mentioned tax incentives.
Here, we are pleased to inform you that the Government of Malaysia has launched the Green Building Index (GBI) on May 21, 2009 to encourage usage of green technology. GBI is a green rating index on environmental friendly buildings. This index is based on certain criteria listed as follows:-
a. energy and water efficiency;
b. indoor environment quality;
c. sustainable management and planning of building sites in respect of pollution control and facilities for workers;
d. usage of recyclable and environmental friendly materials and resources; and
e. adoption of new green technologies
As such, owners of buildings awarded the GBI certificate shall be given tax exemption equivalent to 100% of the additional capital expenditure incurred to obtain the GBI certificate which can be set-off against 100% of the statutory income for each year of assessment. The incentive is applicable for new buildings and upgrading of existing buildings. The incentive is given only for the first GBI certificate issued in respect of the building. Effective for buildings awarded with GBI certificates from 24 October 2009 until 31 December 2014.
In addition to the above, incentives such as stamp duty exemption on instruments of transfer of ownership of such buildings in respect of additional cost incurred to obtain the GBI certificate for purchasers of the buildings and residential properties from real property developers which are awarded with GBI certificate. Effective for sales and purchase agreement executed from the same period mentioned above.
Trust the above is helpful to you. Please direct your circle of friends to this blog should you find it useful. Thank you so much.
Look forward to seeing you again,
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