FMM urges greater innovation incentives in Budget 2023 | The Malaysian Insight

FMM urges greater innovation incentives in Budget 2023

Federation of Malaysian Manufacturers Soh Thian Lai says the government's support of research and development is crucial as innovation drives economic growth. – Facebook pic, January 3, 2023.

Such support includes the liberalisation of the double deduction tax incentive for R&D expenses by allowing an automatic deduction with no threshold or time limit, extended to all companies including mid-tier and larger companies to spur innovation and creativity. At the same time, in line with Prime Minister Anwar Ibrahim’s pledge to improve the government’s service delivery, relevant agencies must grant quicker approvals for applications relating to R&D incentives as speed is of the essence to the success of new products/service development and commercialisation, he said.

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