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Malaysia: Innovative SMEs to Enjoy Incentives and Interest Rebate |
| Source: |
thestar.com.my |
| Source Date: |
Wednesday, June 08, 2011 |
| Focus: |
Electronic and Mobile Government, Citizen Engagement, Internet Governance
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| Country: |
Malaysia |
| Created: |
Jun 14, 2011 |
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Innovative small and medium enterprises (SMEs) will now enjoy incentives under the green lane facility, including a 2% interest rebate for loans approved by developmental financial institutions.
In addition, stamp duty on loan agreement documents will also be exempted.
Announcing the incentives, Deputy Prime Minister Tan Sri Muhyiddin Yassin said SMEs which incurred expenses to acquire the 1-InnoCERT certification (which assessed the innovation level of enterprises, such as site audit, certification and logistic costs) could get tax deductions.
“Qualifying SMEs can also have access to fast-track registration through e-Procurement,” he said at the opening ceremony of SMIDEX 2011: SME Innovation Showcase here yesterday.
He said these SMEs would be given priority to participate in government programmes and enjoy privileges in government and Finance Ministry Incorporated companies' procurement.
Muhyiddin said that in order to achieve a quantum leap in economic growth, the country's economy needed to be powered by productivity-driven and innovation-led initiatives.
He also urged entrepreneurs and companies to subscribe to a corporate culture that encouraged innovation even at the risk of failure.
Later at a press conference, Deputy International Trade and Industry Minister Datuk Mukhriz Mahathir said the 2% interest rebate was subject to a maximum of RM200,000 per year or RM1mil for a period of five years.
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Malaysia: Innovative SMEs to Enjoy Incentives and Interest Rebate Innovative small and medium enterprises SMEs will now enjoy incentives under the green lane facility including a 2 interest rebate for loans approved by developmental financial institutions
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