Call to reduce burden of SMEs

Companies are appealing to the newly formed Government for deductions on their 2020/2021 assessment tax and to defer their audits to allow financial savings and workload to be focused on curbing the spread of Covid-19 instead.

Small and Medium Enterprises Association (Samenta) south chairman Louis Ooi said as companies had spent significant amounts of money to adhere to standard operating procedures, reducing their financial burden would motivate them to keep it up.

“We hope there will be budgeting for tax deduction for the 2020/2021 assessment for companies to save up.

“It is costly to provide personal protective equipment, Covid-19 test kits, hand sanitiser, disinfectants and face masks for daily operations amid the pandemic which has affected businesses.

“Auditing agencies such as the Inland Revenue Board, Customs Department, and other agencies may postpone their auditing operations to next year or after the pandemic as it will reduce our burden to prepare for it,” he said.

Ooi also proposed that the Goods and Services Tax (GST) be reintroduced to replace the existing Sales and Services Tax (SST) at 6% rate.

“GST 2.0 with a lower tax rate of 3% will be more suitable in the current economic situation.

“The main objective of all these cost-cutting proposals is to ensure that SMEs continue to operate and to reduce the unemployment rate,” he said.

Ooi added that with the new Government based on the ‘Malaysia Family’ concept, he hoped that political and racial differences would be put aside in the battle against Covid-19.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Metro News

Hulu Selangor is now a municipality, gets new logo
DBKL: Repair work underway on Jalan Sri Hartamas sinkhole
Seniors living life on their own terms
‘Underprivileged folk need more than just handouts’
MBIP: Seek approval before carrying out renovations
‘Reserves used during pandemic’
Cheras residents uneasy over proposed high-rise projects
35 million trees to be planted by 2025
Recycling project for Subang Jaya
13 Asean youths get scholarships that come with internship and employment

Others Also Read