National Budget 2020
National Budget 2020 themed, “Driving Growth and Equitable Outcomes Towards Shared Prosperity”, was announced by YB Tuan Lim Guan Eng, Minister of Finance on 11 October 2019 in Parliament.
Budget provides a total allocation of RM 297 billion (6% lower than the RM 316 billion earmarked for 2019.) with RM 241 billion allocated for operating expenditure and RM56 billion for development expenditure. The Budget is anchored on four thrusts:
(1) Driving Economic Growth in the New Economy and Digital Era;
(2) Investing in Malaysians: Levelling Up Human Capital;
(3) Creating a United, Inclusive and Equitable Society;
(4) Revitalisation of Public Institutions and Finances.
As 98.5% of existing businesses in Malaysia are SMEs, the Government has continued to provide support to SMEs to grow their businesses in the current volatile environment. Amongst others, SMEs will now enjoy 17% tax rate on the first RM600,000 of chargeable income, grants to fund the adoption of digitalization measures and allocations to encourage SMEs to engage in more promotion of export activities.
Please click HERE for further information on National Budget 2020.
Please click HERE for National Budget Speech 2020.
Please click HERE for MIDA Snapshots of Budget 2020.
Posted Date: 9 Jan 2020