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The Malaysian government unveiled more strategic details to the National Recovery Plan to supplement previously announced goalposts of "exiting" the Covid-19 pandemic in four phases.
The government initiatives aimed at compensating for income shortfalls and reducing monthly liabilities now include new categories of individuals such as non-Socso contributors (especially fresh graduates, school leavers, and informal sector workers), disabled people who have lost their jobs, or new categories of economic sectors such as nurseries, school canteen operators, sport industry operators, and travel agencies. This shows nicely that the Malaysian government is doing its research and fully aware of the people's needs.
For example, tax cuts from the current 24% to 18% with the per-existing schedule for the “marginal rate” (i.e. the next amount taxable out of the total amount) remain intact (which is 17% for the first RM600,000 payable) for the two fiscal years of 2021 and 2022 or even a bolder measure in the form of a total tax exemption for the same two fiscal years.
Lets check some highlights from the announcements highly helpful for local & foreigner both businessmen in Malaysia;
According to a Standard Chartered Group study, MALAYSIA is ranked the “second most favorable country” for foreign investment in South-East Asia by European and US companies to establish or expand their sourcing,selling or operations over the next six to twelve months. Malaysia continues to be the famous investment destination for the manufacturing and global service sectors in Asia. Malaysia remains an attractive investment destination with favorable government business aids & an economical environment including the availability of excellent infrastructure, telecommunication services, financial and banking services, as well market opportunities offered through the 16 Free Trade Agreements (FTA).
According to MIDA it has identified 240 high-profile foreign investment projects including Fortune 500 companies in the manufacturing and services sectors, with a combined potential investment value of RM81.9bil. “Presently, Mida has also received RM47.7bil worth of potential investments into the country. These projects, once approved, are expected to be implemented within 2021 to 2022, ”. MIDA has also received RM47.7bil worth of potential investments into the country. These projects are expected to be implemented within 2022.
To start a business or buy a business in Malaysia you will need business licenses, specially if you are a foreigner, it's a must to have a Pvt. Ltd. or SDN BHD company. We are processing company registration, bank account, business licenses, accounts & taxes for you as experienced accountants, tax advisors, SST advisors & business investment advisors.
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