BUDGET 2018 - KPMG says Budget 2018 favours a wide spectrum of society

PETALING JAYA: KPMG Tax Services executive director of tax risk management Soh Lian Seng opined that Budget 2018 favours a wide spectrum of society.
"This budget sees the government's effort in enhancing Malaysia's economic fundamentals by continuing to promote new growth areas to achieve an advanced and high income nation status by 2020," he said in a statement.
Soh said these include enhancing physical and virtual connectivity across the nation.
"Also, in terms of export markets, Malaysia continues to focus on markets like China, India, Middle East, Europe and the US," he added
From a tax perspective, he said the government continues to make the effort to create the necessary impacts to encourage economic growth.
"Whilst avoiding several broad based incentives, the Government has extended tax incentives in the following specific areas - tax incentives for automation, extension of tax incentive for principal hub, extension of tax incentive for 4 and 5 star hotels and extension for tour operating companies.
"In addition to the above, the reduction of individual income tax rate is the most well received by the rakyat as the reduction will provide a direct income tax savings for individuals, especially the M40 group," he added.