SME owners were ‘hung-ho’ with the revised 2023 Budget, which they said offered them significant opportunities for their business growth. The numerous beneficial financial assistance and incentives are highly important steps taken by the government, which include:
1. Syarikat Jaminan Pembiyaan Perniagaan will provide RM20 billion in loans to SMEs in high value sectors.
2. Bank Negara to provide nearly RM10 billion in loans for SMEs.
3. RM1.7 billion in loan facilities under Bank Negara, BSN and TEKUN.
4. Bank Negara to provide RM2 billion in loans to support green technology startups and help SMEs embrace low-carbon practices.
5. Government agencies to provide RM40 billion in loan facilities for MSMEs.
6. RM176 million upgrade business premises and facilities under Mara, DBKL, PUNB & UDA.
7. RM50 million to build and upgrade 3,000 stalls & kiosks nationwide.
8. Income tax for micro SMEs reduced from 17% to 15% for the first RM150,000.
9. The government will incentivize self declaration for income tax arrears beginning June 1.
10. The government will maintain electricity subsidies for all domestic users and SMEs.
11 Lower income Amanah Salam Bumiputra (ASB) contributors will be given more dividends.
12. Government to waive driving test fees for taxi, bus, e-hailing and B2 motorcycle licenses.
13. Bank Pembangunan Malaysia Bernadette to provide RM6 billion in strategic funding to encourage automation.
14. The government will give incentives to local councils that make it easier for businesses to be set up.
15. Bankrupts with debts of less than RM50,000 who fulfill certain requirements will be released from bankruptcy on March 1.
Government significant supports to micro SMEs will increase public awareness of the economic, social and entrepreneurship importance of SMEs in Malaysia. SMEs create more than 90% of all jobs, drive the socio-economic paradigm which, in turn, promotes appropriate economic growth and development. The creation of SMEs is the most effective way to alleviate poverty in the country.
In today’s Malaysia, the government has found the conditions to foster a higher level of investment in SMEs competitiveness and flexibility, as well as reduce the level of bureaucracy, a very refreshing factor, especially for those who intend to start up a new business. The main purpose is to enable SMEs to play that key function as engine for growth in the economy and culture of Malaysia MADANI.
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