Finance Minister, Tengku Zafrul has hinted that Malaysia’s Budget 2023 would focus on promoting policies that focused on environmental, social, and governance (ESG) principles, based on more sustainable and inclusive economic development.
He said the emphasis on the net-zero carbon target would have a strong positive impact on investment and was expected to generate up to RM60 billion in GDP a year and 300,000 jobs.
“Tax incentives will continue to be reviewed to reward the use of ESG-focused technology and business operations in the next budget. For this year, the government has provided tax incentives for electric vehicles.
“Through Budget 2023, the scope of this incentive is likely to be expanded to other products and technologies that produce less GHG (greenhouse gas) emissions,” he added.
Budget 2023 is often tabled in Parliament end of October, this will be Prime Minister Dato Seri Ismail Sabri’s second budget address after taking over the leadership in August 2021.
