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FMM urges greater innovation incentives in Budget 2023

FMM In The News: THE MALAYSIAN INSIGHT, Tuesday, January 3, 2023 - THE Federation of Malaysian Manufacturers (FMM) has called upon the government to continue supporting research and development (R&D) and innovation initiatives via greater allocation of financial assistance, incentives and initiatives in the upcoming Budget 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. 

“Innovation and R&D play a critical role for industries and countries as they are game-changers in achieving high economic growth,” said FMM president Soh Thian Lai.  

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.  

Soh also emphasised that the key to enhancing service levels is improving productivity levels, and this can be achieved with greater levels of innovation such as digitalisation, which would shorten waiting time, reduce cost and do away with the discretionary powers of officers to approve applications.  

Representing over 11,600 member companies from the manufacturing supply chain, the FMM is actively engaged with the government and its key agencies at the federal, state and local levels. – Bernama, January 3, 2023.

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