The most talked-about topic in October is the 2020 Malaysian Budget, which will be announced on the 11th. The theme of this budget is “2020 Shared Prosperity. The budget can be said to have a huge impact on the people, and at the same time. The people are also looking forward to what policies the government will introduce to benefit the people.
Before the budget is released, let’s take a look at what preferential policies the government is expected to introduce!
Industry Plan
The government has been committed to promoting the Industry 4.0 plan, with the goal of bringing Malaysian industry into the era of Armenia Phone Number List automation. In order to allow more manufacturers to join the Industry 4.0 plan, the government will inevitably increase subsidies and reduce taxes. Economists believe that the government will continue to provide low-interest loans to promote the Industry 4.0 plan.
Focus on small and medium-sized enterprises
SMEs are also a group that the government pays close attention to. This year’s budget is expected to introduce more Afghanistan Phone Number List incentives and benefits for SMEs. The tax rate for SMEs is expected to be further reduced from 17% last year to 15% or 16%. The tax reduction is to help SMEs introduce digitalization, technology and modernization, and is also in response to the Industry 4.0 plan.
