Bernama/Bernama
April 23, 2022 18:40 pm +08

KUALA LUMPUR (April 23): 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 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 had 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 (the companies) to get an exemption, we will first assess the companies,” Noh told a press conference after the launch of SEMy2030 here on Saturday (April 23).

He said MEDAC had not set any criteria for participation in the empowerment effort as long as the company’s goal is to give a positive impact to target groups such as the bottom 40% income group, single mothers in the Orang Asli community, ex-prisoners and ex-drug addicts.

He added that through SEMy2030, the government hopes to increase the country’s social enterprise revenue to RM2.6 billion in 2030 compared with 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 on Saturday, 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.

Source: https://www.theedgemarkets.com/article/private-companies-involved-semy2030-be-given-tax-exemption-says-minister