Malaysian startups to get 10 years’ tax exemption

Sainul Abudheen
Malaysian startups to get 10 years’ tax exemption

Prime Minister Najib Razak said that over 194K entrepreneurs have reaped the benefits of various MDEC  programmes from January 2016 until September this year

Tech startups in Malaysia can rejoice: the government has announced a 10 years’ tax exemption for startups to expand their business and make global footprints, according to a report by The New Straits Times.

The announcement was made today by Prime Minister Najib Razak at the Dewan Rakyat (House of Representatives).

In addition to tax exemption, the prime minister also announced a slew of measures for startups and entrepreneurs in the country, including the implementation of a Global Acceleration and Innovation Network (GAIN) programme, which aims to provide advisory services and expertise to potential local technology companies. This programme has benefitted a total of 149 local tech companies.

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The prime minister also said that over 194,000 entrepreneurs have reaped the benefits of the digital economy development programmes undertaken by the Malaysia Digital Economy Corporation (MDEC) from January 2016 until September this year.

Under the “eUsahawan” programme by the MDEC, as many as 92,926 young and rural entrepreneurs received provided training through various courses conducted at selected educational and technical and vocational training centres centres across the country.

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“Of them, 27,170 or 29 per cent of the participants have recorded additional total sales of more than RM112 million (US$27 million),” he said. Of the total, 59 per cent of the participants were women.

 

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