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MDBC: KPMG 2019 BUDGET BRIEFING

MDBC member KPMG held its annual Budget Briefing recently. With the 2019 Budget being the inaugural budget for the new administration, many were eagerly anticipating what changes would be announced. Themed “A Resurgent Malaysia, A Dynamic Economy, A Prosperous Society”, the 2019 Budget focuses on institutional reforms, the well being of Malaysians and the promotion of an entrepreneurial economy. According to the KPMG Budget Snapshot, Malaysia is expecting a GDP growth of 4.9% in 2019 despite uncertainties in the global economy. The new Government has emphasized its commitment to implement consolidation steps to reduce the fiscal deficit to 3.4% of GDP in 2019, 3% by 2020, and 2.8% in 2021. This is intended to be followed by the tabling of the Fiscal Responsibility Act in 2021.

to increase revenue and undertake tax reforms, the Government has proposed a review of the existing tax system. Other notable tax changes announced in Budget 2019 include a service tax on imported services and digital products and services, increases in real property gains tax, stamp duty, casino tax, and gaming tax as well as the imposition of excise duty on sugar sweetened beverages.

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MDBCONNECTS LAST ISSUE 2018

Overall, the 2019 Budget provides a clear message that the Government is serious about reforming the economy and combating leakages to reposition the nation, allowing it to propel forward despite challenging times. For additional information on the highlights from Budget 2019, please see the opposite page or contact KPMG. Attendees continued their discussions with the KPMG presenters and each other after the presentations.

MDBC Vice Chairman Remco Koster together with KPMG Presenters Ong Guan Heng and Fah Siew Peng

In line with the Government’s objective

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What probably came as a surprise to many was the seven year time limitation period for businesses to carry forward tax attributes for future utilization vis - a vis the existing infinite period accorded under the existing tax legislation. As this could have a significant impact on businesses and investments into Malaysia, further evaluation and consultation on this proposal is encouraged.

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MDBCONNECTS 2018 - Last edition  

The last edition of 2018 which includes a focus on the annual MDBC Innovation & Sustainability Awards, the budget briefing by KPMG, and info...

MDBCONNECTS 2018 - Last edition  

The last edition of 2018 which includes a focus on the annual MDBC Innovation & Sustainability Awards, the budget briefing by KPMG, and info...

Profile for mdbc
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