Budget 2023: Tax reduction for SMME from 17pc to 15pc

Malay Mail
Malay Mail

KUALA LUMPUR, Feb 24 — The government today announced a tax reduction for small, medium and micro enterprises (SMME) for the 2023 assessment year for the first RM150,000 taxable income from 17 per cent to 15 per cent.

Prime Minister Datuk Seri Anwar Ibrahim, in his Budget 2023 speech, said that the reduction can help save up to RM3,000 for SMME taxpayers.

“I often emphasise what is the point of having big stores when people who are surviving by having small businesses were not taken care of. People’s needs must be met.

“The country is already well known for mega projects and landmarks, but I also want a country known for its clean and beautiful hawker facilities, stalls and restaurants,” he said.

To realise that wish, Anwar said that the government had allocated RM50 million to build or upgrade 3,000 kiosks and stalls as a facility for small hawkers to do business in important locations throughout the country.

“A total of RM176 million is also allocated to upgrade the premises and business facilities under Majlis Amanah Rakyat (MARA), the Kuala Lumpur City Council (DBKL), Perbadanan Usahawan Nasional Berhad (PUNB) and Perbadanan Pembangunan Urban (UDA),” he added.

Anwar today tabled a budget totalling RM386.14 billion as part of efforts to sustain growth and raise social protection against economic headwinds.