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.