Govt Takes Targeted Approach To Assist Affected SMEs - Amir Hamzah

KUALA LUMPUR, Oct 29 (Bernama) -- The government is taking a targeted approach to assist small and medium enterprises (SMEs) affected by economic pressures, including through loan rescheduling and restructuring, as well as payment deferments.

Finance Minister II Datuk Seri Amir Hamzah Azizan said financing facilities under Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP) were available to entrepreneurs in Sabah, including those operating in industrial areas.

“Applications for SJPP financing can be submitted through 23 financial institutions, subject to their respective terms and credit assessments.

“Based on records, Sabah has the highest number of Amanah Ikhtiar Malaysia (AIM) participants, at about 53,000,” he said during the policy-level winding-up debate on the Supply Bill 2027 (Budget 2027) for the Finance Ministry in the Dewan Rakyat today.

Amir Hamzah said the government was reviewing legislative and enforcement measures to protect the interests of local SMEs and ensure that foreign e-commerce companies operating in Malaysia were regulated. 

He said that an e-commerce Bill would be tabled at the next sitting to strengthen oversight of online sellers. In addition, foreign e-commerce platforms selling to consumers in Malaysia would be required to register as local businesses, a move he said was important to ensure fair competition between foreign platforms and local entrepreneurs.

The platforms would also have to ensure that products sold complied with local regulations and safety standards, including SIRIM certification, to protect consumers, said Amir Hamzah.

He also said the 10 per cent sales tax on low-value goods imported from overseas helped narrow the disparity in tax treatment between imported and locally produced goods.

“Income from online businesses is subject to income tax, just like conventional businesses. The tax treatment of foreign service providers is determined by the type of payment and the applicable double taxation agreements,” said the minister.

On talent development, Amir Hamzah said it must go hand in hand with investment.

He said RM8 billion had been allocated for Technical and Vocational Education and Training (TVET), while Bakat MADANI aimed to create 30,000 new job opportunities for young people in 2027.

“Tax deductions are also available for approved training to encourage employers to upskill their workers,” he said. 

-- BERNAMA