Govt committed to achieve standing as the world's top 10 most competitive country - MOF

Accordingly, the public-private partnership will be led through the Special Task Force on the Ease of Doing Business (PEMUDAH).

"To begin with, the Ministry of Finance will address issues raised by the private sector in the PEMUDAH platform by implementing several reforms.

"The reforms include allowance to absorb accumulated losses that cannot be absorbed by companies in sectors that have a long gestation period of up to a maximum of 20 years such as forest plantations and hydroelectric projects," he said while presenting Budget 2023 in Parliament today.

He said the government has also agreed that welfare hospitals that are registered as Syarikat Berhad Menurut Jaminan be given an income tax exemption equal to the amount of welfare expenditure incurred.

Donors will also get a tax deduction of up to 10 per cent based on financing.

He added that taxpayers need to make electronic transmissions for tax payments starting from assessment year 2024.

"The government will also extend the relaxation of government procurement procedures and regulations, including allowing government agencies to raise the value limit of quotations from RM500,000 to RM800,000 until the end of 2023," he said.