Budget 2022 - SME edition

A summary of budget 2022 SME edition

Tax rebate

Extension of tax rebate up to RM20,000 for establishment of new entities and operating micro, SMEs from 1 July

Tax losses

Companies will be able to carry forward losses from 7 year of assessment to 10 year of assessment.

Tax instalments

Deferment of monthly tax instalment payments for micro, SMEs for 6 months until 30 June 2022.

Tax estimation

Special tax estimate revision in the 11 month of the basis period for all businesses before 31 October 2022.

Rental relief

Rental reduction (shall be at least 30%) to tenants of business premises is given a special tax deduction equivalent to the amount of rental reduction extended until June 2022.

Renovation

Tax deduction of up to RM300,000 on the eligible cost of renovation and refurbishment of business premises incurred extended until 31 December 2022.

Foreign income remitted to Malaysia

Foreign income remitted into Malaysia will be subjected to tax from 1/1/22. It is applicable to all tax residents which include companies & individuals.

Indirect taxes

A special voluntary disclosure program (SVDP) for indirect taxes will be introduced with penalty remission.

Special reinvestment allowance

Special reinvestment allowance extends to YA 2024 for another 2 years.

RPGT

RPGT rate for disposal made in the 6th and subsequent years after acquisition to be reduced from 5% to 0%.

Withholding tax on commission

2% withholding tax on payment made to resident agents, dealers or distributor. Threshold is above RM100,000 in the immediately preceding YA.

Unutilised reinvestment allowance

The time limit on the carry forward of untilised RA for 7 consecutive YA included Special RA and commence from YA 2025.

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