Corporate Social Responsibility

Every company shall, in every year, set up a CSR Fund equivalent to 2 per cent of its chargeable income of the preceding year. Businesses will be required to contribute, through MRA, at least 50% of their CSR money to the new National CSR Foundation at the start of their next accounting year, for example, for companies with accounting period ending 31 December 2016, the new CSR framework will be applicable as from 01 January 2017. The rate of contribution will be changed to at least 75% in the following year.