The annual Malaysian National Budget has been announced by Prime Minister Najib Razak, with Sharifah Aljeffri, principal of MGI Worldwide member firm AljeffriDean, describing the plan as "inclusive" and "prudent".
Projecting an increase in GDP of more than 4% in 2017, the Budget is expected to cover the nation's overall spending commitments of RM 260.8 billion, with a small fiscal deficit of 3%.
Overall, it was broken down into four key areas of expenditure:
· Operating expenditure (80%)
· Economic development (10%)
· Security (5%)
· General administration (5%)
The plan was described as both "pragmatic" and "strategic" by Sharifah Aljeffri, who claimed the Budget aims to make Malaysia's economy more competitive over the coming months.
Key policies to enhance this process will include a commitment to reduce the tax rate by between 1-4% for companies with a significant increase in taxable income for the year of assessment 2017/18. In addition, the tax rate for the first RM 500,000 of qualified SMEs will be cut from 19% to 18%.
You can read and download the full report from AlJeffri Dean HERE
MGI Worldwide member AljeffriDean Chartered Accountants are based in the national capital of Malaysia, Kuala Lumpur. The firm has been a member of international accountancy network, MGI Worldwide in the Asia Area for 26 years.
The firm was founded in 1979 and is a fully integrated public accounting practice, specialising in the areas of Audit and Investigation; Corporate Recovery and Business Consultancy; Corporate Governance, Internal Audit and Risk Management; Taxation; Information Technology; and Corporate Secretary.
For more information, please contact MGI Worldwide Key Contact Sharifah Alejeffri at email@example.com or visit the firm's member profile page HERE
MGI Worldwide is a top 20 ranked global accounting network with some 5,000 independent auditors, accountants and tax experts in over 260 locations around the world.