We are honoured to be the sole sponsor for the 2022 Budget Seminar!
The 2022 budget is focusing on 3 key areas, namely to drive economic Recovery, rebuild the country’s Resilience and catalysing Reforms — in short “Recovery, Resilience and Reform”.
iBiZZtax is in-line to support these 3 key areas through our cloud computing tax software by digitizing your tax-related business. Furthermore, you can also apply for the 50% or up to RM5,000 Digitalisation Matching Grant by MDEC.
Budget 2022 Highlights:
- Govt will introduce Cukai Makmur, a special tax on a one-off basis to companies generating high profits. The first RM100 million in taxable earnings will be taxed at 24% while the remainder will be taxed at 33% for the tax assessment year of 2022;
- New MSMEs (including those that perform online business) established not later than 31 December 2022 are given yearly tax rebate of up to RM20,000 for the first 3 years of assessment;
- Targeting wage subsidies for employers in tourism industry who have seen their income reduced by at least 30%;
- To increase digital adoption among SMEs, the Government will enhance the SME Digitization Grant Scheme initiative of the total funding scheme of RM200 million;
- 6 months deferment of CP204 tax instalment payments for SMEs, effective from January 2021 until June 2022;
- Employers to get tax relief and exemptions on cost of boosters shots;
- Special RM2,500 tax relief for purchase of handphones, computers and tablets;
- Special tax exemption for building/commercial unit owners who give at least 30% rental discount;
- Tax relief up to RM2,500 for installation, rental, purchase (including hire-purchase) or subscription fee for Electric Vehicle (EV) charging facilities or equipments;
- Income tax exemption of up to RM3,000 for nursery and kindergarten fees;
- EPF will maintain the minimum employee contribution rate at 9% until June 2022;
- The SOCSO is exempted for RM250, and the ceiling is increased to RM 350;
- Tax deductions of RM2,000 to RM7,000 for upskilling courses;
- SMEs are allowed to postpone income tax instalments for six months until June 30, 2022;