The Impacts on Tax Implications for Businesses and Individuals in Malaysia 2023 by Neo Jia Ying

The Impacts on Tax Implications for Businesses and Individuals in Malaysia 2023 by Neo Jia Ying https://padlet.com/i20019193/86hlyi1p2zhrtdar Recently, Malaysia's Prime Minister Datuk Seri Anwar Ibrahim, who tabled the revised Budget 2023 in the Dewan Rakyat at 4pm on Friday (Feb 24). What are the implications for business and individuals in Malaysia? en-us 2023-03-20 05:16:16 UTC 2023-07-07 05:28:31 UTC hello@padlet.com https://padlet.net/icons/png/1f1f2-1f1fe.png Tax Implications i20019193 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2528125206 2023-03-23 02:38:36 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2528125206 1. Tax Rates i20019193 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2528125773 2023-03-23 02:39:04 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2528125773 2.Tax relief and deduction i20019193 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2528126625 2023-03-23 02:39:47 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2528126625 3.Subsidy and Allowance i20019193 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2528126930 2023-03-23 02:40:02 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2528126930 4. Stamp Duty i20019193 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2528127246 2023-03-23 02:40:19 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2528127246 5. Exemption i20019193 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2528127600 2023-03-23 02:40:34 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2528127600 Main Impact: Increase Disposable Income i20019193 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531170149 2023-03-25 09:24:11 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531170149 Individuals i20019193 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531170437 Interpretation:
- It is proposed the resident individual income tax rate be reduced by 2% for each chargeable income band between RM35,001 to RM100,000.

- The government net tax revenue will reduce by RM900 million and it will benefit the people, particularly the M40.

- Those higher earnings in the T20 group would incur more tax which will be raised from 0.5% to 2% for those earning between RM100,000 to RM1 million annually. The RM1 million above remained the same percentage.

Implications:
1. It can reduce tax burden for M40 income group.

2. It aids in higher cost of living for individuals.

3. M40 will have additional income or savings from RM300 up to RM1,300.

4. It can increase the spending power of middle-income (M40) consumers.

5. It can increase the aggregate demand.

6. It will improve the economic growth.

7. Those considered rich (T20), is raised it a little bit so it won’t be too much of a burden to them. This means a more progressive taxation system.]]> 2023-03-25 09:25:01 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531170437 Businesses i20019193 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531170488 Interpretation:
- It is proposed the tax rate on chargeable income for the first RM150,000 be reduced by 2% from 17% to 15%, and the tax rate for the remaining taxable income be maintained at 17% and 24%.

Implications:
1. It can reduce the burden for MSME.

2. It can benefit workers as new investments boost productivity and lead to wage growth. For example, increase the worker salary:
(i) A lower corporate tax rate reduces the cost of capital.

(ii) Investment that were not feasible at the previously higher cost of capital is now undertaken.

(iii) As firms begin new investment in machinery, equipment, factories, etc. The capital stock will grow.

(iv) The larger capital stock can boost worker productivity

(v) Higher productivity leads to greater output, and over time, higher wages.

3. It can increase the wealth, consumption spending, and the quantity of goods and services demanded and supplied.

4. It can increase the competitiveness of MSME

5. It can promote economic growth.

]]> 2023-03-25 09:25:11 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531170488 Similarities i20019193 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531173490 1. To reduce the tax burden.

2. To increase consumption spending and savings.

3. To increase aggregate demand.

4. Leading to higher economic growth.

]]> 2023-03-25 09:32:09 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531173490 Individual i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531587227 2023-03-26 04:28:17 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531587227 Individual i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531599343 2023-03-26 05:19:05 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531599343 Businesses i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531599387 2023-03-26 05:19:20 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531599387 Income Tax Exemption i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531600379 2023-03-26 05:24:03 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531600379 Household Earnings i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531684489 Interpretation:
Family classified as the hardcore poor are eligible to receive assistance up to a maximum of RM3,100

Implication:
It could assist these people in meeting essential needs such as food, shelter, and healthcare.

]]> 2023-03-26 09:39:55 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531684489 Personal Tax Relief i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531685054 Interpretation:
- From assessment year 2023, the tax relief limit on medical treatment expenditure is increased from RM8,000 to RM10,000.
- The scope of relief also includes rehabilitation treatment costs for children with learning disabilities such as Autism, Down Syndrome, and Specific Learning Disabilities, up to a limit of RM4k.]]> 2023-03-26 09:41:12 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531685054 KWSP i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531685188 Interpretation:
- Reconsideration of tax benefit for mandatory/voluntary payments to authorised schemes/EPF.
- i-Saraan will be extended in 2023, with 15% on top of voluntary contributions.
- The tax credit for EPF contributions has been increased to RM3,000.
- The government will provide RM500 to EPF members with less than RM10,000, benefiting 2 million.]]> 2023-03-26 09:41:28 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2531685188 Transfer of property i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534509030 Interpretation:
- Transfer between husband and wife
Fully exempted from stamp duty on the instruments of property

- Transfer between parents and children
The payment of stamp duty is waived in the amount of 50%

- It has a limit to the first RM 1 million of the property's value and is given 50% remission on the stamp duty imposed. For the instrument of transfer of property executed from 1 April 2023.

Implication:
1. It will reduce their burden of the cost of stamp duty.
2. It will Affect property market depend on the house price.
3. Economic benefits during pandemic property value can be drop.

]]> 2023-03-28 06:22:51 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534509030 Educational loan and scholarship agreement i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534524584 Interpretation:
- RM10 stamp duty is extended to the education loan or scholarship agreement of employment for all levels of education and training institutions completed from 1 June 2023.

Implication:
1. It will streamline the stamp duty process for all levels of education.]]> 2023-03-28 06:35:02 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534524584 Restructuring or rescheduling of loan and financing agreement i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534526611 Interpretation:
- Extension of stamp duty exemption for loan or finance arrangements that are restructured or rescheduled from 1 January 2023 to 31 December 2024.

Implication:
1. It will reduce the cost of borrowing
2. It will improve borrower's cash flow

]]> 2023-03-28 06:36:39 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534526611 Manufacturer of electric vehicle charging equipment i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534564337 Interpretation:
- Manufacturers of electric vehicle charging equipment will be legally exempt from 100% income tax for ten years from Year 2023 to Year 2032

Implication:
1. It will ensure that the product can be produced locally at competitive cost.
2. It will attract immediate high value investment in the manufacturing of electric vehicle charging department]]> 2023-03-28 07:04:14 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534564337 Chicken rearing in closed house system i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534571452 Interpretation:
- Accelerated capital allowance of 100% on the qualifying capital expenditure and income tax exemption of 100% equivalent to the qualifying capital expenditure incurred from the assessment year 2023 to the assessment year 2025 for chicken farmers using the closed coop system.

Implication:
1. It will encourage more chicken rearers to adopt an environmental-friendly closed house system
2. It will increase productivity]]> 2023-03-28 07:09:59 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534571452 Food production project i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534574920 Interpretation:
- The new project is eligible for 100% income tax exemption on statutory income for 10 years of assessment.
- The expansion project of the existing companies is exempted from 100% income tax on statutory income for 5 years of assessment

Implication:
1. It will further promote the participation of industry players in the agriculture sector
2. It will ensure the security of domestic food supply

]]> 2023-03-28 07:12:43 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534574920 BioNexus status company i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534577753 Interpretation:
- The statutory income tax exemption rate for BioNexus status companies was increased to 100% and the application period for incentives was extended

Implication:
1. It will attract more biotechnology industry players
2. It will enhance the quality of the BioNexus Status framework and meet the changing requirements of the market.]]> 2023-03-28 07:14:38 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534577753 Accelerated capital allowance in manufacturing, services and agriculture sector i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534581643 Interpretation:
- Accelerated Capital Allowance claim and income tax exemption of 100% on qualifying capital expenditure for equipment automation

Implication:
1. It will further drive the productivity
2. It will improve efficiency through automation]]> 2023-03-28 07:17:23 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534581643 Ship building and ship repairing industry i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534584489 Interpretation:
- Pioneer status in providing income tax exemption of 70% of statutory income for a period of 5 years

Implication:
1. It will position Malaysia as a regional hub for SBSR (ship building and ship repairing)
2. It will reduce the cost of ownership]]> 2023-03-28 07:19:36 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534584489 Aerospace industry i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534586337 Interpretation:
- Income tax exemption of 70% to 100% for a period between 5 to 10 years

Implication:
1. It will further that Malaysia transforms into a key player in the aerospace industry according in line with the 12th Malaysia Plan.
2. It will generate economic growth, creates jobs, and facilitates international trade and tourism

]]> 2023-03-28 07:21:05 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534586337 Studio and filming production equipment i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534588326 Interpretation:
- Studio and film production equipment are exempted from import duty and sales tax

Implication:
1. It will boost the level of creativity of industry players in creating high value creative content in the domestic and international markets
2. It will attract foreign film producers to carry out filming activities in Malaysia]]> 2023-03-28 07:22:49 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534588326 Sale or transfer of individually owned taxis and hired cars i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534590895 Interpretation:
- Expansion and review of excise duty and sales tax exemption for the sale/transfer/private use/ disposal of individually owned taxis and hired cars

Implication:
1. It will assist individual taxi owners affected by the Covid-19 pandemic
2. It will reduce the burden on their life]]> 2023-03-28 07:25:03 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534590895 Development of electric vehicle industry i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534594404 Interpretation:
- Full import duty exemption on components for the locally assembled electric vehicles until 31 December 2027
- Full excise duty and sales tax exemption on locally assembled Completely Knocked-Down (CKD) electric vehicles until 31 December 2027
- Full import duty and excise duty exemption on imported Completely Built-Up (CBU) electric vehicles until 31 December 2027

Implication:
1. It will spur domestic demand
2. It will encourage the growth of locally assembled electric vehicle activity

]]> 2023-03-28 07:27:37 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534594404 Nicotine replacement therapy i19018163 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534599487 Interpretation:
- Import duty and sales tax exemption on nicotine replacement therapy

Implication:
1. It will provides smokers with enough nicotine to gradually reduce addiction symptoms
2. It will support the mQuit Programme
3. It will encourage them use of NRT (nicotine replacement therapy) as an option for smoking cessation]]> 2023-03-28 07:31:34 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534599487 Implication i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534855753 1. Reduced financial burden: The increase in tax relief limit and expansion of the scope of relief could help reduce the financial burden for those with medical expenses.

2. Increased access to healthcare: Increased tax relief could lead to increased access to healthcare and improved health outcomes.

3. Increased economic activity: Increased tax relief limit and expanded scope of relief could stimulate economic activity.

4. Increased government revenue: Increased tax relief limit and expanded scope of relief could lead to increased government revenue.]]> 2023-03-28 11:13:04 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534855753 Tax Relief i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534862126 2023-03-28 11:18:47 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534862126 Deduction i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534864070 2023-03-28 11:20:21 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2534864070 Implication i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2535065253 1. Individuals should be encouraged to save for retirement and contribute to approved schemes and insurance policies.
2. Individuals with higher incomes should be encouraged to save more for retirement.
3. The government's contribution could incentivize more people to contribute to their EPF accounts.
4. Individuals should save more for retirement to receive a tax benefit.
5. EPF saving of RM10,000 could benefit 2 million members aged 40-54. Boosting retirement savings can help achieve financial security.]]> 2023-03-28 13:43:36 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2535065253 SRI i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2535080092 Interpretation:
- Tax deduction of up to 10% of aggregate income to the donor to charitable hospitals.

- Tax deduction on SRI-linked Sukuk issuance for 5 years for Shariah-compliant financing.

Implication:
1.SRI enables companies to raise funds to improve sustainability practices and transition to low-carbon activities.
2.SRI-linked Sukuk provides companies with more opportunities to transition to net zero carbon targets and meet the Government's 2050 goal.]]> 2023-03-28 13:51:43 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2535080092 Bursa Malaysia i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2535265402 Interpretation:
- The existing tax deduction of up to RM1.5 million is extended for 3 years and expanded to include the cost of listing technology-based companies in Bursa Main Market.

Implication:
It reduces the market occupied by micro and small and medium enterprises]]> 2023-03-28 15:46:55 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2535265402 Individual i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536226774 2023-03-29 06:32:54 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536226774 Business i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536228011 2023-03-29 06:33:59 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536228011 Persons with Disabilities i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536233235 Interpretation:
-Assistance for persons with disabilities (RM1 b)

-Allowance for disabled workers (RM542 m)
-Allowance for persons with disabilities who are incapable of work (RM346 m)

-Assistance for carers of bed-ridden disabled and chronically ill (BPKT) (RM170 m)

-Special Allowance for Children in Community-based -Rehabilitation Centers (PDK) (RM109 m)

-Special incentives for the establishment of 50 new nurseries for the disabled compared to the existing 13 nurseries (RM5 m)

Implication:
1. The government of Malaysia is committed to providing support and assistance to persons with disabilities and their carers
2. It promotes their inclusion and participation in society

]]> 2023-03-29 06:37:01 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536233235 Education i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536234709 Interpretation:
- Teens aged 18 to 20 can get an e-wallet of RM200
- From March 1st, PTPTN can enjoy 20% rebate, preferential for up to 3 months. Defer repayment for a period of 6 months to borrowers with a monthly income of RM1,800 and below.
- Provide 50,000 laptops to schools and educational institutions under the jurisdiction of the Ministry of Education

Implication:
E-wallet of RM200:
1. Students can use RM200 to buy stationery and study material and reduce their family burden.

2. E-wallets can promote e-commerce and digital payments (This can benefit to online or physical business as well.)

PTPTN Rebate:
It could help ease their financial burden during the COVID-19 pandemic and encourage borrowers to repay their loans on time to qualify for the rebate.

Free Laptop for School:
Student can access to online learning for those without access to technology and there may be a financial burden on the country.]]> 2023-03-29 06:38:22 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536234709 Civil servants i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536252710 Interpretation:
Childcare fee subsidy of RM180 per month and monthly income eligibility limit increased from RM5,000 to RM7,000.

Implication:
1. It may help improve the work-life balance of civil servants who are parents (also benefit to business seller)
2. Parents can buy their children's daily necessities (such as milk powder, clothes, story books and many) to reduce their family burden (also increase sales of business).
3. It can also boost consumer spending on essential items]]> 2023-03-29 06:53:37 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536252710 SOSCO for graduates and vulnerable groups i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536254010 Interpretation:
-SOCSO would pay an RM600 monthly incentive for three months in addition to the wage paid to firms who recruit TVET graduates. This is expected to benefit 17,000 graduates.
-SOCSO provide companies incentives to hire vulnerable groups such as those with disabilities, ex-convicts, the homeless, and the chronically jobless for up to RM600 per month for up to three months.

Implication:
Encourage the private sector to pay higher wages]]> 2023-03-29 06:54:40 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536254010 Mobility assistance for job seekers i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536259740 Interpretation:
- RM500 to job seekers who find employment outside of their state of residence
-RM1,000 to job seekers who find employment and involve long-distance migration from Sabah or Sarawak to the Peninsular and vice versa

Implication:
1.Encourages job seekers to broaden their employment search
2.Promotes labour mobility
3.Potential for fraud
4.Financial burden on the government]]> 2023-03-29 06:59:12 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536259740 SOCSO for gig workers i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536262311 Interpretation:
-The government will pay up to RM4,000 for gig workers to participate in the micro credentials upskilling scheme.
-SOCSO provides a three-month stipend of RM300 for active gig workers, with RM40 million earmarked to support 30,000.

Implication：
Encourages the youth to improve their capability and skills.

]]> 2023-03-29 07:01:19 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536262311 Subsidy i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536284381 2023-03-29 07:19:05 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536284381 Allowance i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536285608 2023-03-29 07:20:06 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536285608 Individual i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536286821 2023-03-29 07:21:09 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2536286821 Business i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2537785431 2023-03-30 04:46:38 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2537785431 Plantations i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2537790119
Interpretation:
Paddy Farmer:
-BERNAS will contribute RM60 million to rice imports and 30% of net profit to paddy farmers.
-The Government will provide about RM1.6 billion subsidies and incentives including the price of rice, fertilizer, paddy seeds, and upland rice paddy fertilizer.

Rubber farmer:
-Rubber Production Incentive (IPG) – activation pricing level is increased from RM2.50 to RM2.70 per kilogram
-Government agrees to increase the Monsoon Season Aid from RM600 to RM800 for four months.

Implication:
1. It can help ease the burden of 320,000 of smallholders with an allocation of RM256 million.
2. It encourages farmers to increase their production and stimulate economic growth.
3. It could potentially increase their disposable income and improve their standard of living.

]]> 2023-03-30 04:51:02 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2537790119 Malaysian made handicraft i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2537916802 Interpretation:
- Special tax deduction up to RM150,000 be given on qualified Malaysian made handicraft purchased

Implication:
1. It can boost to the local handicraft industry
2. It increases competitiveness of Malaysian-made handicraft products]]> 2023-03-30 06:43:08 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2537916802 Business i21020580 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2537918320 2023-03-30 06:44:17 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2537918320 Main Impact: Increase Employment Opportunities. i20019193 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2542418242 2023-04-03 15:38:37 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2542418242 Main Impact: Decrease Tax payer’s Burden i20019193 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2542419045 2023-04-03 15:39:19 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2542419045 Main Impact: Enhance Economic Development i20019193 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2542421262 2023-04-03 15:41:18 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2542421262 Main Impact: Increase Demand and Supply i20019193 https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2542423314 2023-04-03 15:43:03 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2542423314 Individual https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2542454134 2023-04-03 16:09:29 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2542454134 Rate of plastic collection for recycling https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2542477183 Interpretation:
Government aims to increase the rate of plastic collection for recycling by 40% in 2025. Tax deductions can be given for community projects that benefit the public in Malaysia.
Implication:
To encourage behavioural change towards recycling through education and to prevent plastic and aluminum containers pollutions.]]> 2023-04-03 16:29:17 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2542477183 Individual https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2542505188 2023-04-03 16:55:01 UTC https://padlet.com/i20019193/86hlyi1p2zhrtdar/wish/2542505188