KUALA LUMPUR: Small and medium enterprises (SMEs) have been given a boost in the form of a RM1,000 incentive to ensure their smooth transition when the goods and services tax (GST) is implemented.
The incentive is in the form of an e-voucher for SMEs to purchase or upgrade GST-compliant accounting software.
Prime Minister Datuk Seri Najib Tun Razak said this was among the many incentives provided by the Government to ensure smooth transition to GST for SMEs.
“The Government has embarked on a series of fiscal reforms – including implementing GST – to shift the economy to a more sustainable footing.
“We want to make Malaysia’s economy more competitive so that there are more meaningful opportunities for our citizens and businesses,” he said when launching SMIDEX 2014.
Najib said stakeholders, particularly businesses, must have a clear understanding of how to prepare for GST.
The Government, he said, had allocated RM100mil to conduct awareness and training programmes.
Najib said SMEs and entrepreneurs played a vital role in the global economy and Malaysia had a number of policies to support SMEs, adding that last year, RM12bil was spent on 157 development programmes.
The Prime Minister said consideration must also be given to promote growth and expansion of SMEs through the capital market, which small players found challenging to enter due to various requirements and high cost.
The Securities Commission (SC) last year announced the setting up of the Malaysian Unlisted Market to provide access to capital and information to facilitate transactions.
“I am pleased to announce today that SME Corp will work with the SC to establish the Malaysia Unlisted Trading Platform which will facilitate financing opportunities for our SMEs,” Najib added.
The Prime Minister said with the Asean Economic Community to be formalised next year, businesses could look forward to real benefits.