KUALA LUMPUR (Oct 29): The Malaysian Institute of Accountants (MIA) has welcomed the inclusivity and sustainability themes of Budget 2022, which are aligned with the global momentum of environment, social and governance (ESG) and the 17 UN Sustainable Development Goals (SDGs).
"As the regulator and developer of the accountancy profession, the MIA has been emphasising strongly on the adoption of ESG and sustainability among accountancy professionals and our members in order to help drive good governance and support sustainable business and economic development," MIA president Dr Veerinderjeet Singh said in an initial response to the budget.
He said given the size of the budget, which is the largest in the nation's history, good governance and monitoring will be vital to ensure that desired outcomes are achieved, and leakages plugged.
"MIA continually advocates for budgetary governance to ensure that the spending is prudent, without wastage and achieves the desired outcomes," stressed Veerinderjeet.
"As finance professionals, accountants, especially those in the public sector, can play a key role in monitoring the implementation of projects and ensuring the accountability and transparency of public spending," said Veerinderjeet, who welcomed the budget's announcement of the public expenditure review in collaboration with the World Bank.
MIA also praised the government's efforts in engaging inclusively and obtaining feedback on the budget proposals from different quarters.
"We are delighted that some of our key proposals were incorporated into the budget, especially those related to upskilling and ESG advocacy," said Veerinderjeet.
Specifically, MIA's recommendation for increasing the tax relief for professional development and upskilling courses has been incorporated, along with a recommendation for a tax relief on course fees for programmes (including accountancy, finance and ESG) offered by approved professional bodies.
MIA chief executive officer Dr Nurmazilah Datuk Mahzan also lauded the budget's focus on sustainability and inclusivity.
She said the measures outlined in the budget are clearly meant to stimulate the economy, enhance the well-being and growth of diverse stakeholders, and drive long-term sustainable development reforms.
"In line with our nation-building purpose, MIA is ready to deploy its expertise to support the implementation of the budget proposals. We look forward to contributing especially in the emerging areas of climate change and sustainability, which is aligned with the global accountancy profession's direction as MIA strives to enhance the future relevance of the accountancy profession," said Nurmazilah.
See more Budget 2022 highlights here.