Two more days to go for our 2021 Budget. We are all looking forward for the budget as we see so many news on the budget expectations and measures that associations/professionals are proposing.
Especially during though times like this due to the Covid-19 pandemic, our upcoming budget will help us in so many ways. There are so many proposals for tax rate reductions and tax reliefs. Our Finance Minister stated that the Ministry had received about 6.600 proposals for the upcoming budget. Tax rate deductions for both corporate and individuals will really ease the burden off our shoulders.
Companies will be able to stable up their cash flow and individuals too. However, a decrease in the tax rates would be challenging for the government. There are many proposals for SST exemptions on certain goods as well.
The government need to focus on keeping Malaysians employed too as many of them had lost their jobs or had a pay cut.
We will have to wait until 6th November for our 'new normal budget' to see what's in store for us! (in a new normal situation).