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.
Tax Relief system in Malaysia
5 minutesThe tax season is seemingly never far away, causing a few nervous glances with each thought. Anyone who is eligible for taxes in Malaysia is sure to be worried about how much tax they are due for the tax assessment year. Thankfully, with tax relief, you are sure to have less to worry about come tax assessment. To ensure you can better prepare for the coming tax year, we bring you everything you need to know about income tax relief Malaysia.
Sales and Service Tax In Malaysia – Things You Need To Know
5 minutesThe Malaysian government no longer implements the goods and services tax; rather, the new tax system in place is known as the sales and service tax in Malaysia. Goods and service tax was implemented for a few years between 2015 and 2018, but since 2018, the sales and service tax has replaced it. GST was found to increase the cost of living for the average Malaysian; hence, its abolishment. Sales and service tax in Malaysia, on the other hand, reduce the cost of living.
