#Budget2023 Highlights: Putrajaya Raises Focus On Women Entrepreneurs and Initiatives For SMEs and MSMEs

Here are the key takeaways from the Budget 2023 benefitting the business ecosystem:

  • RM235 million will be dedicated towards empowering women entrepreneurs. The Securities Commission aims to introduce dedicated training programmes to increase the number of women that qualify for board member appointments.
  • The government will provide the Malaysia Coinvestment Fund (MyCIF) of RM30 million in addition to the equity crowdfunding fund (ECF).
  • Registered MSMEs is set to receive a one-off RM1,000 aid as a RM 1 billion grant will be allocated to further aid the sector.
  • Tech-based companies on Bursa Malaysia’s Main Market will be able to enjoy tax deductions which will now include listing costs.
  • Tax deductions of up to RM1.5 million will also be extended for listing expenses on the ACE and LEAP markets until assessment year 2025.
  • Government has proposed RM10 million to be allocated as matching grants for SMEs and relevant products to help prepare carbon assessments.
  • BNM aims to provide financing of RM1 billion to companies that are working on innovative, sustainable technology.
  • Additional RM1 billion will be allocated in the Low Carbon Financing Fund to aid SMEs that want to transition to low-carbon practices.
  • Halal products sector set to receive allocation of RM92 million for improvements
  • DE Rantau Programme to provide 6 new locations with 2,000 short-term rentals for digital nomads
  • Government allocated RM100 millions to encourage strategic local investment , with more focus for local businesses that are involved in technology sector.
  • Small, medium and micro enterprises will get an income tax reduction from 17% to 15% for the first RM100,000.
  •  RM1.7 billion dedicated to enable microloans and other business initiatives for small businesses.

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