Rising costs, competitiveness key concerns for SMEs ahead of Budget 2025

Free Malaysia Today

The rising costs of production, wages and rent, and a significant labour shortage, have affected many SMEs’ profit margins.  Read More:  https://www.freemalaysiatoday.com/category/nation/2024/10/08/rising-costs-competitiveness-key-concerns-for-smes-ahead-of-budget-2025/  Laporan Lanjut:  https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/10/08/belanjawan-2025-pks-harap-dasar-tangani-kos-meningkat/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #ChinCheeSeong #WilliamNg #Budget2025 #SMEs

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00:00Business groups are hoping Budget 2025 will deliver policies that help small and medium enterprises deal with rising business costs and an increasingly competitive marketplace.

00:14They said SMEs' profit margins have been impacted by the rising costs of production, wages and rent, as well as a significant labor shortage.

00:24SME Association of Malaysia Secretary-General Chin Chee Seong said businesses are hoping the government will raise the value of digitization grants on offer.

00:35Last year, the government provided a matching grant of 50% or up to RM5,000 for eligible micro, small and medium enterprises to help them adopt new technologies and improve business operations.

00:50Meanwhile, Small and Medium Enterprises Association President William Ng said many SME owners are unable to take risks, possibly due to a lack of high-value-added capabilities.

01:03Ng called for the government to help SMEs move up the value chain by offering more incentives for AI adoption and digitization in Budget 2025.

01:14He also proposed that SMEs planning to expand overseas be granted a double-tax deduction on expenditure of up to RM200,000 each.

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