Energy, Science, Technology, Environment and Climate Change Minister Yeo Bee Yin said the Finance Ministry has approved tax incentives for cash contributions or sponsorship for Malaysia's participation in the expo.
"Individuals and companies will be eligible for seven per cent and 10 per cent tax deduction from the aggregate income respectively under Section 44 (11C) (a)(b) of the Income Tax Act 1967, beginning July 1 this year to April 10, 2021," she said at the launch of the #MyButterflyEffect brand campaign for the Malaysian Pavilion at the expo here today.
Yeo said the Malaysia External Trade Development Corporation (Matrade) also offers up to RM200,000 to successful applicants engaging in international export promotional activities under its Market Development Grant.
She said the move is to encourage Malaysian companies to participate at the Malaysian Pavilion at the expo, where 200 booths for public and private companies are available to showcase their innovation and technology on the international stage.
Expo 2020 Dubai will take place from Oct 20 next year to April 10, 2021 at the Dubai Exhibition Centre in the United Arab Emirates. Themed "Connecting Minds, Creating the Future", the expo, featuring hundreds of pavilions, has attracted the participation of 19 nations and expects 25 million visitors.
At the event, Tunku Zain Al-Abidin Tuanku Muhriz was announced as the #MyButterflyEffect ambassador.
Yeo said the Malaysian Pavilion, which focuses on 'Energising Sustainability', targets RM10 billion in potential trade and/or investment value, 1,000 business leads and 20 memoranda of understanding (MoUs) or partnership agreements.
She said her ministry expects one million visitors to the Malaysian Pavilion with at least 20 country delegations and over 5,000 attendees to its programmes.