Hopes up for MSME lifeline and tax relief

The business communities in Malaysia have expressed their wish list for Budget 2025, which includes the reinstatement of the Goods and Services Tax (GST) and support for struggling micro, small, and medium enterprises (MSMEs). They also seek incentives to help the rakyat cope with the rising cost of living. Associated Chinese Chambers of Commerce and Industry Malaysia s treasurer-general, Datuk Koong Lin Loong, suggested increasing personal tax relief for B40 and M40 households from RM9,000 to RM12,000 and reintroducing parental care tax relief capped at RM2,500 each for both parents. He also proposed making e-invoicing participation voluntary for businesses with an annual turnover of RM500,000 and below when the system is fully implemented in July 2025. Norsyahrin Hamidon, president of the Malay Chamber of Commerce Malaysia, called for more access to financing for bumiputra SMEs, suggesting a dedicated RM1 billion for business financing. He also expressed concerns over the proposed merger of SME banks with larger banks, which he believes should be reconsidered. Chin Chee Seong, president of the SME Association of Malaysia, emphasized the need for Budget 2025 to include provisions to help SMEs facing financial challenges due to the Covid-19 pandemic. He proposed reviving the GST to boost government coffers and increase the one-off Market Development Grant (MDG) for companies to promote their products abroad. Kuala Lumpur and Selangor Indian Chamber of Commerce and Industry president Nivas Ragavan called for more allocation towards the Malaysia Digital Economy Corporation (MDEC) digitisation grant, suggesting an increase of RM500 million to benefit more MSMEs. Overall, the business communities in Malaysia are seeking support for MSMEs, tax relief for lower-income households, and incentives to help the rakyat cope with the rising cost of living. They also emphasized the need for clear guidelines

Source: thestar.com.my
Published on 2024-09-29

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