Budget 2020 was unveiled recently on 11 October 2019. To meet popular demand, MIA will organise a series of seminars on Budget 2020 to familiarise members and non-members with the latest policies and developments relating to Budget 2020.
The MIA-MATA 2020 Budget Seminar is a series of seminars jointly organised by Malaysian Institute of Accountants (MIA) and Malaysian Association of Tax Accountants (MATA) that will take place nationwide.
Broadly speaking, Budget 2020 aims to restructure the economy and leverage on digital transformation of human capital to address existing disparities that are a drag on sustainable growth. This is in line with the new Shared Vision Prosperity for 2030, which shifts the focus away from just high-income targets and high development to ensure inclusive and equitable distribution of wealth and sustainable development, across the different stakeholders, communities and regions.
The seminars will cover areas of interest to members and non-members working in public practice as well as corporate and industry. Participants can look forward to hearing from our expert speakers on Budget Proposals: Updates and Changes, Recent Tax Cases, Recent Income Tax Developments and Latest Public Rulings and Guidelines, as well as the latest SST Updates & Insights, including developments on SST Legislation and Guides.
The following are some key highlights of Budget 2020 that are particularly relevant to the profession:
Budget 2020 contains key measures to accelerate the digital economy and drive digital transformation, including.
- 50% matching grant of up to RM5,000 for subscription to selected/approved digital systems
- Allocation of RM550 million for Smart Automation matching grants worth up to RM2 million per company
- One-stop Digital Enhancement Centres
- Digital Social Responsibility (DSR)
- Widening SME access to digital financing options such as Equity CrowdFunding (ECF) and Peer-to-Peer (P2P) platforms, which will improve access to finance for underserved SMEs.
In their capacity as business advisors to SMEs, SMPs are encouraged to familiarise themselves with these measures in order to support the growth and transformation of SMEs.
CAPACITY BUILDING FOR LOCAL ACCOUNTANCY FIRMS
Building regional alliances is one means of building capabilities and will enable local firms to tap the growing potential of ASEAN and Asian markets. The government’s move to raise the ceiling on Market Development Grant (MDG) by Malaysia External Trade Development Corporation (MATRADE) to RM300,000, will be very useful in incentivising and supporting local accountancy firms to go regional.
Budget 2020 also raises the cap on entry to export exhibitions to RM25,000, enabling better access to export marketing opportunities and formation of regional alliances and networks for local accountancy firms.
STRENGTHENING THE TALENT PIPELINE THROUGH EDUCATION
Budget 2020 allocates funding of RM192 million for professional certification programmes, including professional accountancy programmes, under Yayasan Peneraju Pendidikan Bumiputera. This allocation will enable greater numbers of Bumiputera students to take up professional accounting qualifications, which will help upskill and diversify talent, strengthen the accountancy talent pipeline and uplift the Bumiputera community in order to address economic and social structural disparities.
MIA-MATA 2020 Budget Seminar is a series of seminars jointly organised by MIA and MATA and will take place nationwide from 5 November – 3 December 2019. This seminar carries 10 CPD points which will qualify as CPE points for the purpose of application or renewal of tax agent licence under Subsection 153 (3), Income Tax Act 1967.