A financial year is a period where the country covers the budget, and it usually lasts up to a year. The government budget, in this case, Malaysia’s budget, is the total amount of expenditures and revenues that are to be used to reach particular goals regarding the economic policy of the nation.
One of the main things about government budget is that business fluctuations in inflation or deflation should be avoided to achieve economic stability. In the government’s Malaysia budget is established to accomplish objectives such as the following: reorganization of the resources or reducing disparities in income and wealth. Other aims are to maintain economic stability and tax concessions
What can 3E accounting do for you?
3E Accounting provides you with ample information on the government’s budget and other commercial packages. To keep up with the new industrial laws and arrangements, they have compiled a list of resources that may help you understand your financial needs better. This also makes it easier for you to understand what sort of service you need for your business.
Firstly, it talks about the most recent announcements of the supplementary stimulus packages, especially for small and medium-sized enterprises (SMEs). The SMEs have certain conditions, such as that companies must be registered with the SSM or local authorities before the date of 1st January. They should also be registered with the SOCSO.
Moreover, the interest rate will be reduced from 2% to 0% on the Microcredit scheme under the Bank Simpanan Nasional. Furthermore, the SMEs announcement also states that further tax reduction will be given to the private business owners that provide modification or cancellation of the rental to SMEs, which should be at least 30% of the original rate.
Understanding the announcements can be quite tricky, but on 3E Accounting, they give you a straightforward and direct format of the statements.
What does the Malaysia budget consist of?
As for the Malaysia budget 2020, it has been proposed that income tax for an individual that earns RM 2,000,000 will be increased to 30% from 2%. To help married couples seeking fertility treatment, their income tax relief on medical therapies will be expanded to cover the cost of the procedure.
Similarly, for parents, individual tax relief regarding childcare and education will be increased to RM2000.instead of reading all the extra details and specifications of the Malaysia budget 2020 report, you can trust 3E accounting to handle your business’s finance.
Not only is doing business with the 3E accounting company easy, but they also lead you in the right direction. For example, on their website, you can find all the new updates and announcements regarding the Malaysia budget.
They help you go through all the tax relief and corporation details that you need to know. Consequently, this makes setting up your own business much more comfortable. After all, you can’t bake a cake without a recipe!
Starting a business means lots of paperwork, but what sort of paperwork? For that, you’ll need to read up on some laws and requirements. You can start by reading the guide to set up the Malaysia business as well as the Malaysia tax. Being familiar with the budget and amenities that the government will provide you is necessary before taking the first steps.
By providing you with a clear text about SME and investment details, 3E ensures that they do work with loyalty and reliability. Understating the cultural and political atmosphere of Malaysia is a prerequisite, as it can turn out to be a problem later.
You will need some research to understand Malaysian culture along with the language barriers to comprehend the market better. You can read about all of this on their resources page. You can even get to understand about the GST in Malaysia through their website. Not only that, but you can also register for GST and check your registration status through their services online.
Coming up with a business plan requires hard work that can prolong to weeks and even months. But, thanks to 3E accounting, it’s easier to do so because they have compiled a full guide on how to open a hotel, travel agency, restaurant, and so much more. If you’re still overwhelmed by the process of opening a business and think you need some help, don’t worry. 3E will be your hero. For just RM1000, they offer you a fully detailed consultation.