Retailers hoping for tax incentives in Budget 2017

KUALA LUMPUR: The Malaysia Retail Chain Association (MRCA) continues to urge the government to provide tax incentives for retailers in Budget 2017 as there is none at the moment.
Deputy president Valerie Choo said retailers require funds to refurbish outlets, develop online platforms and grow their presence.
“We hope the government will give some incentives especially for SMEs when they export their products and services,” she told SunBiz at the MRCA 24th Anniversary and Crown Awards Dinner here yesterday.
She also urged the government to allow SMEs to deduct their bad debts from the annual tax returns without conditions.
Choo said some members may have bad debts in their accounts and when the bad debt is collected in the following year, the company has to submit the collection as revenue.
“This means that in the first year that they write off, we hope it will be recognised as expenses in the accounts. When we get the collection next year then we report it back. This way, at least our cash flow will be protected,” Choo said.
Today, the MRCA has over 320 members who have expanded locally and internationally and are competing with international brands.
With franchise and retail store operators covering more than 20,000 outlets throughout Malaysia, these members help provide over 150,000 job opportunities.
To encourage excellent business practices, the MRCA Crown Awards are created to enable the participating retailers to challenge and enhance their competitiveness. The awards also promote and recognise the achievement and contribution of participating retailers in the retail industry.
There were 11 categories for the MRCA Crown Awards 2016 – Outstanding Innovation Award, Outstanding Noble Initiative Award, Outstanding Global Venture Award, Outstanding National Growth Award, Outstanding Brand Award, Outstanding Rising Star Award, Outstanding Excellence Award, Outstanding CSR Award, Outstanding Green Award, Outstanding Entrepreneur Award (Male), Outstanding Entrepreneur Award (Female).
The 11 categories represented the steady growth of member companies in the local and overseas markets with equal emphasis on business sustainability and corporate social responsibility.