Tai Lai Kok, Head of Tax, KPMG in Malaysia stated that one of the more attractive announcements in moving the country and economy towards a faster recovery mode is the initiative to encourage the domestic production sector with the allocation of RM300mil towards driving an online trading environment for local manufacturers and traders.
This is good recognition that our traditional methods of doing business are rapidly getting outdated and we risk being left behind in a globalized world where one can purchase virtually anything online. Opening up our goods to the outside world using technology will do wonders to enable our locally made goods to enter markets that were inaccessible in the past.
Another innovative proposal involves the granting of a limited tax deduction to individuals for amounts invested in Equity Crowd Funding ventures. Equity Crowd Funding has been around for a while and it is interesting to see an incentive being introduced to give a boost to this sector.
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