Businesses are looking for continuity and survival of cash flow, especially in sectors hit hard by the pandemic, the Malaysian SME Association said.
The Malaysian SME Association calls on the government to focus on measures to facilitate SME cash flow in the upcoming 2022 budget.
“As part of the 2022 budget, the government should offer tax-exempt incentives to entrepreneurs, reduce the tax on SMEs from 17% to 10% and reduce the corporate tax rate for the first taxable income of one million RM dollars, ”said SME Malaysia President Datuk Michael Kang. Hua Keong said Bernama.
He added that companies are not looking for profit, but rather are looking for continuity and survival of cash flow, especially in industries hard hit by the pandemic, such as tourism, film industry, entertainment venues, sports, private education and enrichment centers.
“Malaysian SMEs are facing serious cash flow problems and they are waiting for help from the government. Additionally, digital transformation has become even more important for small businesses since the COVID-19 outbreak, ”he said.
“As businesses seek to adapt to a rapidly changing environment, they need government support to move forward with digitization,” he added.
READ: Malaysia has disbursed over RM30 billion in grants
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz recently said the budget will pay attention and assistance to all sectors, including those hard hit, such as tourism, retail, as well as support to SMEs.
The country’s 2022 budget will be tabled in parliament on October 29.