How Will Budget 2021 Affect You and Your Business?

The Malaysian Budget 2021, announced on 6 November 2020 by the Minister of Finance, is the largest budget in Malaysian history with an allocation of RM322.5 bil, intended to stir economy recovery, enable business continuity and develop economic resilience.

Despite the challenging global and local economic climate, strong emphasis has been given towards ensuring that the welfare of the rakyat is taken care of in Budget 2021. This is evident in the targeted assistance provided in Budget 2021 to cater to the needs of various categories of people.

Against this backdrop, some of the Budget 2021 initiatives are a continuation of the Prihatin, Prihatin SME+, Penjana and Kita Prihatin economic stimulus packages announced throughout this year following the Covid-19 pandemic outbreak.

The proposals under Budget 2021 and the changes proposed in the Finance Bill 2020 are much welcomed to provide tax relief in these trying times. Besides the tax proposals, there were many specific allocations and grants to various agencies/ministries and these should be spent according to the intended purpose so that the desired outcome and its impact on the economy is achieved.

Source: SmartInvestor

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By Christy Tan
Christy Tan is Managing Consultant of Tricor Taxand Sdn Bhd, an entity within the Tricor Group. The Tricor Group operates in 21 countries / territories and across a network of 47 offices.