ACC4218 GROUP ASSIGNMENT by Taachayini Alagendran https://padlet.com/taachayini30/63jwd95m27ves1hs en-us 2022-10-14 01:39:25 UTC 2022-12-13 09:08:41 UTC hello@padlet.com Impacts of the Budget 2023 announcements on any tax implications for Business & Individuals taachayini30 https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2339648981 2022-10-14 01:40:22 UTC https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2339648981 2. Small and medium enterprises (SMEs) i20018827 https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2368643024 2022-11-03 15:14:07 UTC https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2368643024 i20018827 https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2368709207
  •  Reduction in corporate income tax rate (17% to 15%) (only applies to the first RM100,000 of taxable income)
  •  Provision of a one-off grant for eligible SMEs 
  •  Introduction of various hiring and training incentives 
    • ]]>     2022-11-03 15:50:27 UTC https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2368709207     1. Increased allocation for the Green Technology Financing Scheme (GTFS) taachayini30 https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2375004827

    ]]>     2022-11-08 13:38:47 UTC https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2375004827     taachayini30 https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2375006252
  • The guarantee scheme will be increased to RM 3 billion until 2025.
  • The scope of financing is expanded specifically to provide guarantees for Electric Vehincle sector with a guarantee limit up to 60%.
  • The waste management sector’s financing guarantee will be increased up to 80%.

    • ]]>     2022-11-08 13:39:29 UTC https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2375006252     taachayini30 https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2375018612
  • The government also plans to give waivers on import and excise duties on imported EVs until Dec 31, 2024, and exemptions on approved permit (AP) fee for imports of EVs until Dec 31, 2023.
  •  EV charger manufacturers will also be given a 100 per cent income tax exemption on statutory income from assessment year 2023 to assessment year 2032 and a 100 per cent investment tax allowance. 
    • ]]>     2022-11-08 13:46:19 UTC https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2375018612     What is GTFS? taachayini30 https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2375055151
  • The GTFS is a special financing scheme introduced by the government to support the development of Green Technology (GT) in Malaysia.
  • GTFS is a soft loan supported by the government,  borrower must repay the loan to the bank throughout the tenure period.

    • ]]>     2022-11-08 14:08:57 UTC https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2375055151     3.EPF and Social SecurityOrganisation (SOCSO) https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2377529684 2022-11-09 21:09:59 UTC https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2377529684 Increased social protection for the self-employed https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2377530782
  • 80% of SOCSO contribution subsidy
  • Offering 50,000 career opportunities on a contract basis
  • Mobility assistance of RM500 
  • Kasih Suri Keluarga programme extend to 2023.
    • ]]>     2022-11-09 21:11:15 UTC https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2377530782     4.Fiscal deficit(negative impact) https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2378108439 2022-11-10 06:29:08 UTC https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2378108439 https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2378116712
  • Bringing down the fiscal deficit is a challenge; at a projected 5.5% of Gross Domestic Product (GDP), the deficit must be brought down
  • GDP growth has slowed, and is expected at between 4% and 5% in 2023
  • Third challenge is to grow income from corporate taxes by 4.8% in 2023- possibility of a global recession in 2023, corporate taxes could be severely impacted
  • In terms of food security, some reforms and regulatory intervention are urgently needed;production of basic food necessities has been neglected
    • ]]>     2022-11-10 06:36:48 UTC https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2378116712     i20018827 https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2380389586
  • Create a supportive environment for SMEs 
  • Serve as a catalyst for economic growth
    •  job creation and increased disposable income 
    ]]>     2022-11-11 16:14:44 UTC https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2380389586     5.Import bills and shortage of workers(negative impact) https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2380981030 2022-11-12 12:50:05 UTC https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2380981030 https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2382377769
  • Import bills are growing with rising prices and supply disruptions that may become widespread soon 
  • As two-thirds of household income comes from paid salaries, the spike in living costs has, in fact, put the brakes on consumption expenditure and impeded demand-side growth
  • unemployment rate has decreased from 4.2% in January to 3.7% in July this year
  • Budget 2023 is balanced with generous measures, but it does not address the significant workforce shortage that affects the entire retail supply chain.

    • ]]>     2022-11-14 06:38:24 UTC https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2382377769     https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2382392931 2022-11-14 06:51:49 UTC https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2382392931 https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2382395486 2022-11-14 06:54:03 UTC https://padlet.com/taachayini30/63jwd95m27ves1hs/wish/2382395486