For next year, RM100 million will be provided in the form of a matching grant with the contribution of GLC-owned foundations to NGOs to fund various social programmes assisting the vulnerable in terms of education, income generation and mental health.”
The long-awaited Budget 2022 witnessed the government’s initiatives to drive its economy post-pandemic and its target to be carbon neutral by 2050. To address the climate emergency and sustainability, the government seeks to adopt low carbon practices.
The reforms in the transportation sector, particularly on electric vehicles (EVs), were also addressed in the budget. According to Finance Minister Tengku Zafrul Abdul Aziz, the government sees the potential of electric vehicles with Energy Efficient Vehicle (EEV) features to minimise vehicle smoke pollution.
“To support the development of the local EV industry, the government proposes to provide import duty, excise duty and sales tax exemptions on EVs. Road tax exemptions of up to 100 per cent will be given to the vehicle owners,” said Tengku Zafrul.
“Additionally, individual income tax reliefs of up to RM2,500 will be given for the purchase and installation, rental and hire purchase of EV charging facilities as well as payment of EV charging facility subscription fees.”
Under the second strategy for resilient businesses, the government would allocate RM12 million via matching grants through Collaborative Research in Engineering, Science and Technology in areas such as Gallium Nitride application in LEDs and electric vehicles.