Motivating SMEs to Reinvest through Revised TIA
6/6/20241 min read
Encouraging SMEs to reinvest strategically, the revised Investment Tax Allowance (ITA) aligns with the New Industrial Master Plan 2030. Companies completing eligibility periods can enhance capacity and invest in high-value activities. SMEs can apply for the ITA from Jan 1, 2024, to Dec 31, 2028, with a specific deduction of RM50,000 per year. Other reliefs and initiatives, like start-up tax rebates and the Digitalisation Grant Scheme, provide additional support. Compliance and readiness for mandatory e-invoicing by July 1, 2025, are essential, along with assessing ERP systems for compatibility with LHDN.
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