If you are a Malaysian-owned Micro, Small and Medium Enterprise (MSME), you may be eligible for the MSME digital grant MADANI under Budget 2023. The initiative is aimed to support the digitisation of MSMEs to enable them to remain competitive in the global economy.
The scheme is a partnership between MDEC, Bank Simpanan Nasional (BSN) and the MCMC. This grant offers up to RM5,000 to eligible MSMEs to assist with the cost of hiring services from Digitalisation Partners. These DPs will guide and provide services in the field of digitization, including website development, e-commerce platforms, digital marketing and cyber security.
This digital grant is a good initiative by the government to help MSMEs in digitising their businesses. It will be beneficial for them to compete in the global market and to improve their productivity. This will also ensure the sustainability of the local economy.
The new initiative will be implemented under the framework of Ekonomi MADANI: Empowering the People, which focuses on empowering communities and strengthening local industries. It was developed with the input of economists and planners, but the policy gained greater clarity after obtaining feedback from workers, farmers, women, settlers, and youth in mosques, warungs, and universities.
Aside from boosting productivity, the MSME digital grant will also allow companies to save on taxes. The scheme will lower the taxable income for MSMEs to 15% of their first RM600,000 earned. This is especially beneficial to those in light manufacturing and service sectors.
Furthermore, the MSME digital grant will offer a number of tax breaks to encourage more investment. SMEs will be able to receive loans from BNM and Syarikat Jaminan Pembiayaan Perniagaan, while investment incentives will be restructured towards tiered taxes that are based on outcomes such as creating high value jobs and establishing new industry clusters.
Lastly, the MSME digital grant will include incentives for MSMEs to invest in business automation and digitisation. This will include a RM100 million programme under the Digitization Grant Scheme, with funding from Khazanah Nasional and EPF, to incentivize MSMEs to automate their operations and digitalize their processes. The programme will be rolled out nationwide over the next three years.
IRS Software is an approved Digitalisation Partner under the MADANI scheme, and our SQL products are eligible for a 50% matching grant from the government. Interested MSMEs can join us for an informative webinar on how to qualify for this opportunity.
MADANI is a flagship initiative by the Malaysian government to empower and enable more local entrepreneurs to grow their businesses. It is part of the government’s efforts to make the country a fully developed and thriving economic powerhouse.
To learn more about how you can take advantage of this initiative, check out the infographic below.
Are you ready to transform your company? Get your MSME digital grant today!
This is a once-in-a-lifetime opportunity. Don’t miss out on your chance to upgrade to an SQL Account with a 50% matching grant from the Malaysian Government!