As Belanjawan 2022 is coming up, Tai Lai Kok, Head of Tax at KPMG in Malaysia shared his ideas on the government’s taxation strategy that is focal in Budget 2022.
Tai also mentioned that businesses is still in need for ample support. On a smaller scale for example, the CSR agenda. During the pandemic, small or big businesses have done many CSR initiatives by giving food or supplies to those in need. Hence, Budget 2022 should look at that angle to incentivise business owner that to do more.
Additionally, Tai adds that further attention should be given to the M40 group, Budget 2022 could relook into ways to help the M40 group with cash reliefs or tax reliefs among others.
As Budget 2022 is said to be the road to recovery, Tai also highlights that vaccination and more stimulus in economy can open up the economy entirely, and areas of development could be focused towards stimulating businesses.
When asked for his opinion on the growth of Budget in 2022, he commented:
“I think it will likely be bigger as we are projecting to spend. Based on the 12MP, there are certainly going to be more expansion in Budget 2022 following our Finance Minister’s suggestion that ration must go up. Hence I anticipate between 10% to 15% larger than last year.”
Tai also gave his opinion on the benefits of GST and Financial Technology as they wrap up the interview.
Watch the full video here: