THROUGH the Malaysian Global Innovation and Creativity Centre (MaGIC), the government is offering tax incentives to those that are contributing towards a social enterprise’s crowdfunding activities to address social and environmental challenges.
Specifically, individuals, corporates or business donors of a successful Social Impact Matching (SIM) Grantee may receive tax receipts of up to 10% of their aggregate income for cash contributions made between Aug 1, 2020 and Jul 31, 2021.
“Instead of a one-off charity or donation, individuals and businesses can channel their money to support solutions from social enterprises that create impact in a sustainable manner,” MaGIC CEO Dzuleira Abu Bakar said.
The SIM Grant, announced under the government’s Short-Term Economic Recovery Plan (PENJANA) with an allocation of RM10 mil, is managed my MaGIC with the aim to support local social enterprises and other social impact businesses to sustain their initiatives and programmes.
The grant focuses on solutions in areas of community livelihood, food security health and social wellbeing, environmental protection and heritage preservation. – Oct 17, 2020