KUALA LUMPUR: Entrepreneur and Cooperatives Development Minister Datuk Ewon Benedick aims to present the policy proposal on the amendments to the Cooperatives Act to the cabinet by the end of this year.
He said the ministry is engaging with various government agencies to discuss the matter.
The Malaysia Cooperative Institute has conducted research on the amendment, and the results were discussed at the National Cooperative Congress in July, said the minister.
He added that the ministry is in the final stages of finalising the important policies based on the amendment.
"I aim to present the policy proposal to the cabinet by the end of this year, before it is brought to Parliament for approval," he said in a statement.
Ewon also said the ministry is discussing with the Finance Ministry the proposal for a tax exemption on general meeting expenses for cooperative organisations nationwide by the Inland Revenue Board (LHDN).
"The ministry is working together with LHDN to examine the need for tax exemptions on expenses approved by the cooperative's annual general meeting. This is crucial to ensure cooperatives will continue to play a role in community development and education without being burdened by excess tax," he said.
Meanwhile, the Cooperatives Commission of Malaysia (SKM) has approved Tabung Modal Pusingan (TMP) funding worth RM253.37 million as at November for 150 cooperatives nationwide.
SKM also approved RM12.33 million in grants to 155 cooperatives.
He said the ministry is committed to helping cooperatives nationwide, ensuring that they contribute to the country's economic activities.
"These programmes will extend to next year. Additional funds under the 2025 Budget are being finalised and are expected to further elevate the cooperative movement in the future," he said.