JULY 6 — Economic disruptions caused by climate change, social effects of an aging population and demand for greater transparency are among the current global issues facing businesses which are as critical as the pandemic we have experienced over the last two years.
Under the advocacy of Bursa Malaysia , the VCM is a platform for carbon credit trading between green assets owners and other entities transitioning towards low-carbon practices. There is a fixed cap on the Greenhouse Gas emissions permitted for each business and low carbon emitters may sell their excess credits to companies that exceed the cap.
businesses that fail to connect the ESG agenda with tax related considerations may find themselves dealing with unexpected costs. — Picture by Sayuti ZainudinOn the social metric of the ESG, amongst others includes labour practices, relations and working conditions, workplace diversity and inclusion agenda, human rights, employee health, safety and wellbeing, economic contributions to communities and talent management.
As part of the pre-requisite for companies to participate in government procurement, it is also announced by the Minister of Finance in the 2022 Malaysian Budget that a Tax Compliance Certificate be issued by the IRB. Additionally, the IRB launched a Tax Corporate Governance Framework on March 1, 2022 as part of the IRB’s initiative towards adopting a co-operative tax compliance process that is both fair and effective.