Re­tail­ers hop­ing for tax in­cen­tives in Bud­get 2017

The Sun (Malaysia) - - SUNBIZ -

KUALA LUMPUR: The Malaysia Re­tail Chain As­so­ci­a­tion (MRCA) con­tin­ues to urge the gov­ern­ment to pro­vide tax in­cen­tives for re­tail­ers in Bud­get 2017 as there is none at the mo­ment.

Deputy pres­i­dent Va­lerie Choo said re­tail­ers re­quire funds to re­fur­bish out­lets, de­velop on­line plat­forms and grow their pres­ence.

“We hope the gov­ern­ment will give some in­cen­tives es­pe­cially for SMEs when they ex­port their prod­ucts and ser­vices,” she told Sun­Biz at the MRCA 24th An­niver­sary and Crown Awards Din­ner here yes­ter­day.

She also urged the gov­ern­ment to al­low SMEs to deduct their bad debts from the an­nual tax re­turns with­out con­di­tions.

Choo said some mem­bers may have bad debts in their ac­counts and when the bad debt is col­lected in the fol­low­ing year, the com­pany has to sub­mit the col­lec­tion as rev­enue.

“This means that in the first year that they write off, we hope it will be recog­nised as ex­penses in the ac­counts. When we get the col­lec­tion next year then we re­port it back. This way, at least our cash flow will be pro­tected,” Choo said.

To­day, the MRCA has over 320 mem­bers who have ex­panded lo­cally and in­ter­na­tion­ally and are com­pet­ing with in­ter­na­tional brands.

With fran­chise and re­tail store op­er­a­tors cov­er­ing more than 20,000 out­lets through­out Malaysia, th­ese mem­bers help pro­vide over 150,000 job op­por­tu­ni­ties.

To en­cour­age ex­cel­lent busi­ness prac­tices, the MRCA Crown Awards are cre­ated to en­able the par­tic­i­pat­ing re­tail­ers to chal­lenge and en­hance their com­pet­i­tive­ness. The awards also pro­mote and recog­nise the achieve­ment and con­tri­bu­tion of par­tic­i­pat­ing re­tail­ers in the re­tail in­dus­try.

There were 11 cat­e­gories for the MRCA Crown Awards 2016 – Out­stand­ing In­no­va­tion Award, Out­stand­ing Noble Ini­tia­tive Award, Out­stand­ing Global Ven­ture Award, Out­stand­ing Na­tional Growth Award, Out­stand­ing Brand Award, Out­stand­ing Ris­ing Star Award, Out­stand­ing Ex­cel­lence Award, Out­stand­ing CSR Award, Out­stand­ing Green Award, Out­stand­ing En­trepreneur Award (Male), Out­stand­ing En­trepreneur Award (Fe­male).

The 11 cat­e­gories rep­re­sented the steady growth of mem­ber com­pa­nies in the lo­cal and over­seas mar­kets with equal em­pha­sis on busi­ness sus­tain­abil­ity and cor­po­rate so­cial re­spon­si­bil­ity.

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