Budget 2025: Key Concerns of SMEs Amid Rising Costs and Competitiveness
Monday, 7 October 2024, 17:59
Budget 2025: Key Concerns for SMEs
The Budget 2025 introduces pressing issues impacting SMEs, such as rising costs, competitiveness, and labor shortages. Chin Chee Siong notes that many SMEs are grappling with increased production costs, wage hikes, and rising rents, which threaten profit margins.
Challenges Faced by SMEs
- Double taxation concerns persist, affecting financial viability.
- Grants and low-interest loans are essential for survival.
- Samenta advocates for more support for small businesses.
- Student allowances can encourage youth engagement in SMEs.
Future Outlook
As outlined by William Ng, the urgent revitalization of SME strategies, including fostering digitisation, is crucial for sustaining competitiveness. Establishing improved financing options could pave the way for a resilient future.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.