Malaysia: New Tax Breaks on Specific Sectors
Within the upcoming Budget 2018 and the development of Industry 4.0, the citizens of Malaysia can expect more tax incentives. Within this year’s budget, alongside certain SMEs, (small and medium sized businesses) Malaysia aims to use targeted tax breaks for specific sectors.
This is due to the government’s effort to assist the high-technology industries and minimise the reliance on labour. Such industries will include robotic development, big data, automation amongst several others.
The Second Minister for Finance, Datuk Seri Johari Abdul Ghani, commented on the proposal after a recent conference, as reported by The New Straits Times news agency.
Following this, the Minister reportedly said that whichever tax incentives the Malaysian government decide on, will be given to the industries that they wish to support. He also indicated that the Government may answer tax break requests for automating processes from businesses due to apparent labour shortages.
It is said that The Prime Minister, Datuk Seri Najib Razak, is expected to suggest the budget in Parliament on the 27th of October.
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