KUALA LUMPUR: Private companies that are participating in efforts to empower social enterprises under the Malaysia Social Entrepreneurship Blueprint 2030 (SEMy2030), will be given income tax exemption for three years.
Entrepreneur Development and Cooperatives (MEDAC) Minister Tan Sri Noh Omar said this exemption is among the benefits offered by the government to encourage the private sector to provide social assistance to the people in need.
He said although the government has given various types of assistance to the needy all this time, the private sector's support is still needed to provide them continuous protection.
"For this, the private companies, for example, can offer villagers to produce handmade products and because of their efforts, companies will get benefits from the government such as tax exemptions for a certain period.
"But to enable it (companies) to get an exemption, we will first assess the company," he told a press conference after the launch of SEMy2030 here today.
Noh said MEDAC has not set any criteria for participation in the empowerment effort, as long as the company's goal was to give a positive impact to target groups such as the B40 group, single mothers in the Orang Asli community, ex-prisoners and ex-drug addicts.
He said through SEMy2030, the government hopes to increase the country's social enterprise revenue to RM2.6 billion in 2030 compared to about RM100 million currently.
Noh also hopes SEMy2030 can offer 92,000 job opportunities to locals based on the target of creating 10,000 social enterprises in the same period.
Currently, it is reported that there are only 414 social enterprise companies in the country and they have provided 3,500 job opportunities.
Earlier today, Prime Minister Datuk Seri Ismail Sabri Yaakob launched SEMy2030 which provides a new national direction for the development of social entrepreneurship in Malaysia.
SEMy2030 outlines five objectives in line with the aspirations, strategies, and initiatives set under the Shared Prosperity Vision 2030, the National Entrepreneurship Policy 2030 and the 12th Malaysia Plan.
-- BERNAMA
Bernama
Sat Apr 23 2022
Tan Sri Noh Omar said private companies that are participating in efforts to empower social enterprises under the Malaysia Social Entrepreneurship Blueprint 2030 (SEMy2030), will be given income tax exemption for three years. - BERNAMA
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.
Economic outlook: Govt plans to leverage, expand existing city transit system
The expansion aims to provide a more efficient and reliable public transportation network, reduce congestion, and improve accessibility.