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Monday, 30 October 2017

MIA has and will continue to work; to increase the number of Bumiputera accountants in Malaysia.

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Malaysia: The Malaysian Institute of Accountants (MIA) has welcomed the numerous programmes and incentives focused on the development of micro entrepreneurs, following the recent announcement of the Budget 2018.
MIA said the government's efforts would spur the country towards achieving the status of a high-income nation towards sustainable economic growth and societal well-being in Malaysia
The programmes include an allocation of RM500 million to Tabung Ekonomi Kumpulan Usahawan Niaga (TEKUN) and RM80 million to the Skim Pembiayaan Ekonomi Desa (SPED).
MIA chief executive officer Dr Nurmazilah Mahzan said these programmes and additional funds allocated to the development of micro entrepreneurs are expected to boost the further development and growth of entrepreneurship in the future.
"Nevertheless, micro enterprises generally lack in-house expertise and suffer from human resource deficiency. Various studies found that small business enterprises' growth is influenced by management abilities such as finance, marketing, human resource, and operations management," she said in a statement.
Nurmazilah noted financial mismanagement as one of the key contributors to small enterprises' failure, which can impact enterprise performance.
She said it is important to put start-ups and business advisors in touch with financial management at an early stage to bridge the skill and knowledge gap.
"Accountants can play an important role as trusted business partners by providing financial management and relevant business support," she said, adding that contributions by accountants can benefit small businesses throughout various phases.
She pointed out the goal is not just improving the financial capability of business owners, but also increasing business formalisation and professionalism among small businesses, to generate a more resilient economic growth.
Nurmazilah added the growth prospects arising from the implementation of various economic programmes and activities would increase the demand for qualified accountants.
MIA also commended the government's effort to encourage women who have been on a career break to return to the workforce.
"The announcement on the tax incentive for women returning to work after their two-year hiatus would encourage more female accountants to contribute to the accountancy profession and the economy," it said.
The national accountancy body said the government's allocation of RM90 million to the Program Peneraju Professional, Skil dan Tunas.
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