GEORGE TOWN: Groups representing over 20,000 small and medium enterprises (SMEs) hope the 2024 budget will provide a 2% cut on company tax, allowing funds to be freed for reinvestment in their businesses.
William Ng, chairman of the Small and Medium Enterprises Association (Samenta) said the association has urged the government to provide a 2% tax reduction for the first RM300,000 of taxable income.
He also hoped the government would make it compulsory for businesses to register with the Companies Commission of Malaysia, Malaysia External Trade Development Corporation and SME Corporation so that any assistance from the government can be disbursed to the appropriate SMEs based on data and to eliminate intermediaries.”
He also said Samenta was looking forward to initiatives to help SMEs increase their capacity to supply international companies, which would open the door to lucrative opportunities.
Ng also called for the government to sponsor technical and vocational education and training (TVET) for people from B40 families to boost the capabilities of the talent pool.
SME Association Malaysia secretary-general Chin Chee Seong said on top of tax cuts for businesses, they were also hoping for a reduction in personal income tax to increase consumer spending.
“We also hope for the provision of very low-interest loans for SMEs who are still reeling from the impact of the pandemic to help with their cash flow.”
Prime Minister Anwar Ibrahim, who is also finance minister, will table the federal government budget in the Dewan Rakyat on Friday.
Source: https://www.freemalaysiatoday.com/category/nation/2023/10/09/smes-hope-for-2-tax-cut-in-2024-budget/