Budget announcement has been published for half a month, to summarize the national budget in a sentence, “it is a pain for people in the short run but a long-term benefit to the economy.”
The national budget of 2024 is rather meager fare as it does not provide any savor to please nor surprises to the people. The expected return of GST or
anticipation on domestic subsidies has yet to be announced causing a heightened on the voice of public.
However, as the rakyat are complaining, the leading researchers and experts believe that the recent fiscal budget acts as a blueprint on this transition period for the government to reform the country’s tax structure.
e-Invoicing has been the main concern of the
public
The Inland Revenue Board (IRB) has proposed to implement e-invoicing in the coming years for companies with the aim to achieve a fully transparent transaction when it comes to commercial activities that will be happening between companies. With that being said, every e-invoice issued will be recorded in the IRB’s system, making it impossible to underreport or evade taxes!
New business opportunities for SMEs
As the expected return of GST has yet to be announced, the raise in service tax from 6% to 8% and expansion in scope of taxable services in general to include logistics, brokerage, underwriting and karaoke services has caught the nation by surprise. Moreover, with the unexpected implementation on capital gains tax, it solidifies the Budget 2024’s intention to increase
the tax revenue but at the same time, it heightened the disappointment voice of public adding burden in business costs and living pressure of the nation in 2024. So, what are the ways that SMEs should look into in discovering new business opportunities?
YYC TAX SUMMIT 2023
The must-attend annual event for SMEs
