KUALA LUMPUR: A number of taxation reform measures will be implemented next year to expand the country's revenue base and at the same time not burden the majority of the people.
Sulaiman: Crucially, the target to narrow the budget deficit from 5% to 4.3% of the GDP is indeed a welcome step in terms of enhancing the nation’s financial healthSTRIKING a balance between addressing immediate economic challenges and laying the groundwork for sustainable growth, the 2024 National Budget reflects the government’s commitment to strengthening the nation's socioeconomic development and driving long-term resilience and prosperity.
Supporting this, the allocation of additional funds of up to RM25mil in matching grants with financial institutions under the existing i-TEKAD social finance programme is set to benefit more entrepreneurs. The government’s success in achieving this with Budget 2024 should therefore be commended. Issues like high living costs, implementation of socio-economic measures to uplift the poor and low-income groups, empowerment of small-scale businesses, economic reforms, promotion of investments, enhancement of food security, affordable housing, improvement of basic public infrastructure and essential public services were addressed, amongst many others.
We welcome the continued support extended to the micro, small and medium-sized enterprises . RM1.5bil will be set aside by government-linked corporations and government-linked investment corporations to encourage start-ups including bumiputera MSMEs to venture into high growth high value industries.
The Budget forms a strong foundation towards achieving Malaysia’s long-term goals of safeguarding the Rakyat’s wellbeing and strengthening the country’s business ecosystem within an increasingly volatile global macro-economic environment. With the ongoing efforts by the financial industry to combat scams, we welcome the Government’s continued commitment to combat financial scams by doubling the allocation to the National Scam Response Centre to RM20mil and the establishment of the National Fraud Portal that will expedite the process of freezing and repatriation of funds.
This could serve as a solid foundation to propel Malaysia towards meeting the New Industrial Master Plan 3 and the mid-term review of the 12th Malaysia Plan, contributing significantly to the long-term sustainability of the Malaysian economy. We are pleased to see the extension of RM2,500 personal income tax exemption for those who own electric vehicle charging facilities for up to four years, and the tax exemption for those who rent electric vehicles extended for two years. HLB will continue to support the sustainability journey of the nation through our robust green financing offerings.
We will support the government aspirations under the National Energy Transition Roadmap towards net carbon zero emissions by 2050 and will continue to play a significant role in elevating the nation's economic growth and development, particularly the growth of SMEs, and driving financial inclusivity among the underserved segments by providing access to financial services that are digital secure and nimble.
We welcome the RM350mil allocation by the government for the promotion and marketing of our tourism industry, including the Visit Malaysia 2026. Amongst other measures on tourism is the relaxation of Malaysia My Second Home programme conditions. The growth of our tourism industry will in turn spur more demand for our local goods and services.
We welcome the measures to improve Malaysia's competitiveness and ease the cost of doing business, which will spur high-impact investments in the targeted sectors. These will help elevate foreign direct investments , broaden domestic linkages, spur industrial development and reinforce Malaysia's diversified economic structure. As a regional bank with a strong presence in ASEAN, UOB will continue to leverage our connectivity to facilitate more FDI to support Malaysia’s economic growth.
The lower fiscal deficit, achieved via both revenue and subsidy spending measures, will help lay the ground for a more sustainable fiscal future. We welcome the Government’s RM44bil for loans and financing guarantees in various initiatives and programmes for small and medium enterprises , with the priority on boosting competitiveness of the business community and strengthen the industry through infrastructure improvements, boosting productivity and the use of digitisation and technology in business.
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