At a groundbreaking event held at the Grand Paragon Hotel, JBCCCI and ASQ Consulting Group revealed important insights into the 2024 budget. SME support was strong for the event, which focused on transfer pricing, e-invoicing, and Malaysia’s financial prospects. The attendees’ thorough comprehension of the 2024 budget gave them the ability to decide strategically for the upcoming year.
In collaboration, JBCCCI and ASQ Consulting Group brought together notable speakers; Joe, CEO, Hester, COO, Teoh, Tax Director and Yong, Director of Corporate Finance. The event, held from 9 am to 2 pm, served as a transformative platform, demystifying the intricacies of the 2024 budget for individuals and corporations alike.
Important observations addressed upcoming adjustments to personal taxation, emphasising increased income tax benefits and an extension for skill development. This featured increased reimbursement for medical costs, which now included dental examination and treatment costs, with a ceiling of RM1000 for professionals who are members of the Malaysian Dental Council. An extension of the 2024–2026 individual income tax credit was made specifically for the costs of upskilling and self-enhancement courses.
The event featured specific government efforts like child care subsidies and programs that support women returning to the job. There were also given insights regarding Malaysia’s revenue and operating expenses for 2023 and 2024.
The presenters emphasized how crucial it is for businesses operating internationally to have precise Transfer Pricing (TP) documentation. This cautious approach is necessary to guarantee fiscal compliance and prevent fines.
Additionally, the Malaysian government will commence implementing e-Invoicing in the country starting June 2024. The event addressed concerns of SMEs, providing insights into the procedures and processes of e-invoicing. This includes the ability to cancel e-invoices within a 72-hour window, enhancing flexibility in digital transactions. Attendees are eager for additional government guidance, particularly regarding platforms like Grab and online purchasing.
The JBCCCI event with ASQ Consulting Group was a resounding success, providing attendees with valuable insights into the 2024 budget. From personal taxes to corporate responsibilities, the event equipped participants with strategic knowledge for the evolving financial landscape.
