Quick guide to 5 benefits of SMEs from Malaysia revised budget 2023
4 minutesThe aftermath of the COVID-19 pandemic has been disastrous for the global economy. Inflation rates have never been higher, and large corporations are rapidly downsizing on staffing, while several SMEs are struggling to stay afloat, with many already out of business.
The effects of the global economic crisis have been felt keenly, prompting the government to devise new means and measures to help organizations, individuals, and SMEs to navigate the trying times.
The Malaysia 2023 budget saw significant changes to the nation’s individual and corporate tax regimes, with chargeable income taxes on SMEs also favorably revised.
High earners will see a marked increase in income taxes, while mid-to-low-income earners will enjoy lowered taxes.
