Budget 2018 To Introduce More Tax Incentives For Industry 4.0

Budget 2018 To Introduce More Tax Incentives For Industry 4.0

Malaysians can expect more tax incentives to spur the development of the fourth industrial revolution, or Industry 4.0, in the upcoming Budget 2018.

This is part of the government’s effort to encourage high-technology industries and reduce dependency on manpower, said Second Finance Minister Datuk Johari Abdul Ghani.

“These include sectors involved in automation, robotic development, big data and others which are being promoted by the government,” he added.

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However, the government could no longer provide tax incentives for every sector, hence it would focus on the current landscape by taking into account the country’s present and future needs, Johari said.

“We can no longer provide incentives to all industries, it now depends on the flavour of year and the flavour of the future,” he told Bernama.

The Prime Minister Datuk Seri Najib Razak is set to table the budget in Parliament on October 27.

In the run up to the Budget, the first focus group will be help with industry players, chambers of commerce, government agencies and non-governmental agencies to provide input to the Budget 2018 proposals.

The proposed tax incentives are aimed to attract more industry players to not just participate in Industry 4.0, but also to invest in it, he added.

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