Intensify support for SMEs in Budget 2021
Corporate Tax Executive Director, Lim Wai Yin shared her perspectives on how the survival of SMEs is critical to the overall growth of the Malaysian economy and areas the government can support the SMEs further.
She hoped to see a reduction in income tax rates for SMEs, either by way of a direct rate cut or a tax rebate. Although there was a rebate of up to RM20,000 for SMEs in Penjana, this was only limited to newly established SMEs.
It will certainly be more helpful if the reduction in tax rate can be extended to all SMEs as existing businesses, even those that have been in business for a long time, are experiencing significant disruptions.
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