- Special Voluntary Disclosure Programme by the Royal Malaysian Customs Department (RMCD) to be introduced, with remission of penalty of 100% for phase 1 and 50% for phase 2.
- No real property gains tax on disposal of chargeable assets by individuals, permanent residents and non-corporates from the sixth year of holding the property.
Education and Upskilling for Higher Value Jobs
- The allocation of RM6.6 billion for education facilities under MARA, UiTM and Yayasan Peneraju, which among others focuses on upgrading quality of education programmes from Diploma to Degree level as well as producing more Bumiputera professionals.
- Tax relief for expenses to upskill has been increased from RM1,000 to RM2,000 until 2023 and those who attended courses related to professional qualifications will be entitled to tax relief of up to RM7,000. The inclusion of approved professional qualifications that include accounting and ESG bode well for the adoption of sustainability within the accountancy profession as well as positioning accountants as climate change and sustainability leaders.
- The allocation of RM52.6 billion for the Ministry of Education, which is the largest allocation from the Budget for this year, and the allocation of RM14.5 billion for the Ministry of Higher Education to strengthen education quality. This is critical for future proofing accounting graduates as well as accountancy academicians via Train the Trainer initiatives. In addition, the Institute hopes that the allocations will help to enhance the incorporation of emerging technologies in the programmes offered by higher learning institutions (including the accounting programmes) to ensure that future graduates are equipped with technology knowledge and awareness.
- The allocation of RM6.6 billion to further enhance the Technical and Vocational Education and Training (TVET) initiatives will produce more quality graduates who can support the roles and functions of accountants, thereby further improving the ecosystem of the accountancy profession.
- The allocation of RM450 million to supply B40 students from Institutions of Higher Learning with a tablet will facilitate them in attending online courses and undergoing online assessments. The digitalisation initiative, which is expected to benefit 600,000 undergraduates from B40 families, is in line with the emphasis on technology adoption and acceleration in the wake of the COVID-19 pandemic and the Industrial Revolution 4.0 (IR4.0).
Personal Reliefs, Support for Household Wellbeing
- Personal relief for employees and tax deduction for employers on the cost of COVID-19 booster shots.
- Tax relief of RM2,500 for the purchase of smartphones, computers and tablets to be extended to 31 December 2022.
- Personal relief for contributions to the Social Security Organisation (SOCSO) to be increased to RM350.
- RM300 million allocated under “Skim Geran Pendigitalan SME dan Geran Automasi” to support automation and modernisation activities.
- RM700 million allocated to enhance digital connectivity which will facilitate digitalisation of SMPs and SMEs.
Incentives and Reliefs Benefiting the SMEs and SMPs
- SMEs allowed to postpone income tax instalments for six months until 30 June 2022.
- Zero interest scheme for informal and micro-SMEs under TEKUN, with a provision for funding of up to RM10,000 with a moratorium of up to 12 months.
- BSN and Agrobank to offer micro financing of up to RM75,000 at zero interest for the first 6 months with a moratorium of up to 6 months.
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