top of page
  • CCS

Tax Deduction for Sponsorship of Smart Artificial Intelligence (AI)-Driven Reverse Vending Machine

Updated: Nov 9, 2022

To Download Budget 2023 Speech and some other related publications - https://t.me/YourAuditor/3276

Current Position

The Malaysian Plastics Sustainability Roadmap 2021 - 2030 lays out the strategies and action plans that will be used to increase the amount of plastic that is recycled in the country of Malaysia.


This road map is intended to serve as a set of guidelines for all relevant stakeholders in ensuring sustainability throughout the plastic value chain, with the end goal being the creation of new value that is beneficial to society and the environment.



Following this road map, the government's objective is to maximise the percentage of plastic collected for recycling to 40% by 2025.


Any party or person who carries out community projects that provide significant benefits to the public in Malaysia related to the fields of education, health, housing, infrastructure, information technology, and communication projects to increase the income of the poor, as well as environmental preservation or conservation projects, can receive tax deductions under section 34(6)(h) of the Income Tax Act 1967.


Approval requirements include:

  1. projects benefiting only the public in Malaysia without having any interest in contributors; and

  2. projects that are voluntarily contributed and are not required by the authorities under any regulation.

Footnotes

Expenses incurred for providing services, public amenities and contributions to a charity or community project on education, health, housing and infrastructure approved by the Minister of Finance will be deemed deductible expenditures in computing the adjusted income for a business.


The scope of such projects has been extended from YA 2009 to include projects related to the enhancement of income of the poor and for the conservation or preservation of the environment.

Proposal

To support the recycling of plastic waste as an economic resource and to ensure the collected-for-recycling rate can be increased through a more effective and organised plastic waste collection programme, it is proposed that tax deduction under Section 34(6)(h) of the Income Tax Act 1967 be given to companies and other than companies (individuals, partnerships, trusts and cooperatives that have business income) that make donations or sponsorships of Artificial Intelligence (AI) - Driven Reverse Vending Machine.

Effective Date

For contribution/sponsorship and application received by the Ministry of Finance from 1 January 2023 until 31 December 2024.



Our website's articles, templates, and material are solely for reference. Although we make every effort to keep the information up to date and accurate, we make no representations or warranties of any kind, either express or implied, regarding the website or the information, articles, templates, or related graphics that are contained on the website in terms of its completeness, accuracy, reliability, suitability, or availability. Any reliance on such information is, therefore, strictly at your own risk.

Keep in touch with us so that you can receive timely updates |

要获得即时更新,请与我们保持联系

1. Website ✍️ https://www.ccs-co.com/ 2. Telegram ✍️ http://bit.ly/YourAuditor 3. Facebook ✍

4. Blog ✍ https://lnkd.in/e-Pu8_G 5. Google ✍ https://lnkd.in/ehZE6mxy


6. LinkedIn ✍ https://www.linkedin.com/company/74734209/admin/


125 views0 comments

Recent Posts

See All