Sustainability allocation in Budget 2022 to provide support for economic growth, says ICAEW

The growing allocation towards sustainability in Budget 2022 reaffirms Malaysia’s commitment toward a sustainable future with the only remaining goals being building a sustainable economy, according to the Institute of Chartered Accountants in England and Wales (ICAEW). In a statement issued by the organisation, its members commented that the country is headed in the right direction through the proposed measures, such as giving import duty, excise duty and sales tax exemptions for electric vehicles (EVs), to strengthen the sustainability agenda, Sime Darby Bhd Group chief financial officer Mustamir Mohamad, one of the ICAEW members, said that with the global environmental, social and governance (ESG) push, Budget 2022 reinforces the need for Malaysian companies and the local supply chain to adopt ESG frameworks premised on higher value creation.