Our government has just announced Budget 2023 and if you are a small or medium business owner, there are key highlights you should take note of. Whether you own a cafe, restaurant, retail shop or salon, Budget 2023 has some pretty exciting benefits that could help you save costs and even cut down on taxes! Here are the 5 highlights that matter to your business:
1. You Pay Less Tax!
The government has announced a reduction in taxes not only for businesses but for Malaysian individuals who pay personal income tax too!
| Business Tax | Personal Income Tax | |
| What’s new in Budget 2023 | Reduced from 17% to 15% for the first chargeable income of RM100,000 | Reduced from 21% to 19% for taxable income (Income bracket: RM 70,001 to RM 100,000) 13% – 11% for taxable income (Income bracket: RM50,001 to RM70,000) |
| Applicable for | SMEs | Malaysians who pay personal income tax |
2. RM2,250 Could Be Yours
With the ongoing issue of manpower shortage in the local F&B and retail industry today, the government recognizes this and is now offering up to RM2,250 in incentives when you hire OKU, orang asli, and ex-convicts. Not only do you get to solve your labor issues, you also get paid to do some good!
3. Get RM1,000 one-off
If you’re a registered SME or even a registered taxi driver, you’re one of the 1 million recipients set to receive RM1,000 aid from the government! (Pssst…you can register your business with SSM here if you haven’t yet)
4. RM10B Automation & Digitisation Loans
Our government has allocated RM10 billion in financing to drive digitisation and automation among MSMEs, as well as tourism – among other things. While there aren’t many details on this at the moment, it definitely sounds like an opportunity your business might be able to hop on. We’ll keep you updated when more information is available!
If you’re looking to automate your restaurant or retail store, you can check out the StoreHub platform which comes with over 30 features ranging from a POS system to QR Ordering and inventory tracking. It automates everything that can and should be automated so that stores like yours can focus on the things that need your attention – for example, customer service and food quality.
5. Up to RM200 e-wallet $$
Who doesn’t like free money? Your potential customers and diners will be receiving RM200 in eWallet credits. It’s time to start thinking about how to get Malaysians to spend that extra ringgit in your store. This could include running specific promotion campaigns around the same time when Malaysians are allowed to claim these e-wallet credits. Now that’s a cool marketing idea. 😉
| Recipient | Student | M40 Group |
| How much | RM200 | RM100 |
| Requirement | 18-20 years old & full-time students over 21 years old. | Malaysians with a monthly household income of between RM4,851 to RM10,970 |
Now that Budget 2023 has been tabled, it is time to think about how you can maximise the benefits announced for your business – whether it’s a cafe, restaurant, retail shop, or salon. 2023 is sure going to be an exciting year full of opportunities for SMEs – whether in the F&B or retail industry.
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