Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz has called on entrepreneurs to utilise the business tax cuts provided for in Budget 2022.
In making reference to the 92 People’s Financial report, the minister said the government has announced various tax cuts, including delayed tax payments of six months up to June 30, 2022, for micro, small and medium enterprises (MSMEs).
“Apart from that, there are also extended tax cuts for renovation costs of up to RM300,000 to support the compliance of standard operating procedures such as improvement to air circulation,” Tengku Zafrul added.
The Minister said that there are also extra tax cuts of up to RM50,000 for rental of accommodation premises for workers and delayed income tax installment payments, amendments to tax assessment, as well as tax cuts for rental reduction and accumulated losses that were brought forward.
Meanwhile, the finance minister said the government might launch various initiatives for the people, business and the economy this week.
