The 2024 Malaysian budget introduces pivotal SMEs Go Digital: Navigating initiatives targeted at advancing small and medium enterprises (SMEs) into the digital era.
On October 13, 2023, Malaysian Prime Minister Datuk Seri Anwar Ibrahim announced the details of the second Madani budget emphasising the government’s commitment in encouraging SMEs towards digitalisation and automation, with the ultimate objective of building sustainable business practices by introducing grants and initiatives.
In this article, we will study the grants and initiatives designed to stimulate the automation and digitisation of Malaysian SMEs.
Inventory and Accounting Systems
Grants to Encourage E-Commerce
Shop Malaysia Online (SMO) initiative, recent mobile phone number list allocated RM40 million, is geared towards boosting the e-commerce sector. The 2024 implementation of the Shop Malaysia Online Program aims to facilitate small traders, especially those in the food sector, in conducting business through e-commerce channels.
Strengthening the Role of Digital Economic Centres (PEDI)
Digital Economy Centres (PEDI) in each State Legislative Assembly, marking a significant stride forward. This initiative seeks to uplift the socio-economic status of local communities by:
Providing digital skills training to individuals irrespective of their social status or geographical location.
Assisting small businesses in effectively selling their products online.
Ease of ICT Equipment and Computer Software Acquisition
Grants for Digital Upgrades in Sales
This modification impacts the duration for claiming the Accelerated Capital Allowance (ACA), originally introduced in 2020. The ACA entails a 20% initial allowance and a subsequent 40% annual allowance for qualifying plant expenditures.
Conclusion
The 2024 Malaysian budget marks a strategic push towards fostering digital transformation among small and medium enterprises (SMEs). These targeted initiatives aim to empower businesses, elevate digital capabilities, and bolster the overall economic digital business major: information, courses, complete job prospects resilience of the country. This creates an opportune moment to examine and capitalise on the government’s initiatives. As a Malaysian SME business owner, there is potential for you to receive support that could substantially enhance your business success in 2024.
What’s next for you?
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