KUALA LUMPUR: The Malaysian Institute of Accountants (MIA) welcomes the Budget 2024 which focuses on strengthening the economy, sustainability & ESG, ...
: The Malaysian Institute of Accountants welcomes the Budget 2024 which focuses on strengthening the economy, sustainability & ESG, capacity and competency building, and strategic tax measures.
• The extension of tax rebate up to RM2,000 for self-development and upskilling to 2026, which is a good move in encouraging the young graduates and accountancy professionals to continue upskilling on specific courses as part of personal development. MIA commended the Budget’s emphasis on strategic tax measures and efforts to diversify and strengthen collection to support development spending and fiscal health, which includes the increase in the SST rate to 8%, the introduction of new legislation that will subject the luxury goods to a tax rate of 5 to 10% and the imposition of capital gains tax of 10% on shares of unlisted companies, subject to certain exemptions.
• Encouragement for more companies to participate in the voluntary carbon market i.e. additional tax deduction up to RM300,000 for companies that spend on Measurement, Reporting and Verification related to the development of carbon projects. These expenses can be deducted from the sales income of carbon credits traded on the Bursa Carbon Exchange .
• RM100 million being allocated to provide digitalisation grants of up to RM5,000 for the benefit of over 20,000 MSMEs. These grants can be used to upgrade digital sales, inventory, and accounting systems.
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