BUDGET 2018 : MIA welcomes initiatives on development of micro entrepreneurs

PETALING JAYA: The Malaysian Institute of Accountants (MIA) welcomes the numerous programmes and incentives focused on the development of micro entrepreneurs, at the recent announcement of the Budget 2018.
The programmes include an allocation of RM500 million to Tabung Ekonomi Kumpulan Usahawan Niaga (TEKUN) and RM80 million to the Skim Pembiayaan Ekonomi Desa (SPED).
"All these programmes and additional funds allocated to the development of micro entrepreneurs are expected to boost the further development and growth of entrepreneurship going forward," said MIA CEO Dr Nurmazilah Mahzan.
"Nevertheless, micro enterprises generally lack in-house expertise and suffer from human resource deficiency. Various studies found that small business enterprises' growth is influenced by management abilities such as finance, marketing, human resource, and operations management," she explained.
"Financial mismanagement as one of the key contributors to small enterprises' failure, can impact enterprise performance," she said.
Nurmazilah explained that it is important to put start-ups and business advisors in touch with financial management at an early stage to bridge the skill and knowledge gap. This would help entrepreneurs to achieve their dreams.
"Accountants can play an important role as trusted business partners by providing financial management and relevant business support," she added.
The MIA trusts that the contributions by accountants can benefit small businesses throughout the various phases. The goal is not just improving the financial capability of business owners, but also increasing business formalisation and professionalism among small businesses, to generate a more resilient economic growth.
Nurmazilah added that the growth prospects arising from the implementation of various economic programmes and activities will increase the demand for qualified accountants.
The MIA commends the government's effort to encourage women who have been on a career break to return to the workforce. The announcement on the tax incentive for women returning to work after their two-year hiatus would encourage more female accountants to contribute to the accountancy profession and the economy.
The MIA also applauds the government's allocation of RM90 million to the Program Peneraju Professional, Skil dan Tunas. The MIA has and will continue to work with Peneraju to increase the number of Bumiputera accountants in Malaysia.
As the national accountancy body, the MIA welcomes the government's efforts to spur the country towards achieving the status of a high-income nation and we are committed to steer and support the accountancy profession in its contribution towards sustainable economic growth and societal well-being in Malaysia.