The SME Association says owners of small and medium enterprises depend on dividends as many of them do not draw salaries because of cash flow problems.
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NewsTranscript
00:00The government's plans for a 2% tax on dividend income may discourage small and medium enterprises
00:08from growing their businesses.
00:09William Ng, president of the Small and Medium Enterprises Association, said most dividends
00:14would go to business owners since many of them have not drawn salaries due to cash flow
00:19issues in recent years.
00:20He said the government had clearly been lulled into believing that SMEs are doing well because
00:24of the strong economic headlines.
00:27In his budget speech today, Prime Minister Anwar Ibrahim announced a 2% tax on individuals
00:31who earn more than RM100,000 in dividends.
00:35Ng also said the hike in minimum wage would badly affect SMEs, particularly in Sabah and
00:39Sarawak, where many would struggle to cope with the higher costs.
00:43He said the only positive outcome for SMEs in the budget was the provision of RM50 million
00:48in matching grants for industrial training.
00:50He said the grants would help ease the talent crunch among SMEs while allowing more students
00:55to gain practical experience.
00:58Dhanesh Rajariza, FMT News.