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Provide more e-commerce job opportunities

Extend the period of the online assistant program to help SMEs stabilize e-commerce.

Continue to carry out campaigns on e-commerce knowledge and trends to help SMEs develop rapidly

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4.SME Digitization Grant Scheme and the Automation Grant

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4.SME Digitization Grant Scheme and the Automation Grant

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3.Technical and Digital Adoption for SMEs and MTCs

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3.Technical and Digital Adoption for SMEs and MTCs

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2. “Shop Malaysia Online” for Online Consumption

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2. “Shop Malaysia Online” for Online Consumption

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Provide more discount of electricity and water

Continue provide the Tax Relief for COVID-19 Related Expenses a few years

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This COVID-19 Pandanmic showed that the company's path to success is full of unpredictable obstacles.

As a result, a strong board of directors will help a lot to manage the impact of unexpected future through making business strategies to deal with potential risks, establishing appropriate risk management and supervision systems.

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Raw material, machinery and equipmemt that use directly into the production of finished goods.

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Employers may apply for the PenjanaKerjaya 2.0 Training Programme from 1 January 2021, once their Hiring Incentive application is approved by SOCSO. And the training course can up to maximum RM7,000.

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1. Incentive for employees earning RM1,500 and above will be enhanced from a flat rate of RM800 per month to 40% of monthly income, subject to a maximum incentive of RM4,000.

2. To encourage employment for the disabled, long-term unemployed, and retrenched workers, employers will be given an additional incentive equivalent to 20% of the employee’s monthly income making the total incentive to employers’ amount to 60%.

3. Third which is more we need to highlight, Which mean hiring a local employee to substitute the job usually done by foreign worker can enjoy this incentive.  40% monthly salary for employer , 20% for employee, that is more suitable for our company due to our labor job required.

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Employees’ salary is RM4,000 and below and have started on after first MCO.

WSP 1.0 and WSP 2.0 , those need company business revenue dropped at least certain % year-on-year

The WSP 3.0 plan under BELANJAWAN 2021 is just for Tourism & Retail industry , we cannot apply either. Also, we will not able to apply for PERMAI plan even our company is under the state involved in the MCO , because it require the company business revenue dropped at least 30%.

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2. PenjanaKejaya 2.0 - for hire new employee

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2. PenjanaKejaya 2.0 - for hire new employee

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Provide more tax incentives preferential policies

Exempt from tax within 6 months or until the epidemic.

Help to develop sustainable level.

RMCO is to hope that the economy can be restored to the previous period.

Public welfare donations can enjoy tax incentives that are responsible for epidemic prevention and control can enjoy full corporate income tax deductions.

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Exports manufactured products is entitled to allowances between 10% to 100% of value of increased exports (subject to satisfying prescribed conditions), which is deductible at up to 70% of statutory income.

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There is no doubt that our company is facing adverse financial stress to overcome this hard period.

To ease the financial stress on businesses through remissions of penalties related to late tax payments. The government provides the follows:

Extension of the special tax deduction for renovation and refurbishment of business premises to 31st December 2021

Extension of Accelerated Capital Allowance on eligible capital expenses including ICT equipment to 31st December 2021

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RM150m to support automation and modernization.
The eligibility conditions will be relaxed for micro-SMEs and start-ups that have been operating for at least six months.

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RM70 million To encourage adoption of e-commerce by micro enterprises and SMEs in order to widen their market reach.

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“Shop Malaysia Online” for Online Consumption

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“Shop Malaysia Online” for Online Consumption

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RM70 million To encourage online consumer consumption through e-commerce vouchers.

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RM700 million To assist as well as incentivise for business to digitalise operations and trade channels

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1. For New Company

a) 0% special tax rate for 10 years for new investment in manufacturing sector with capital investment between RM300 million to RM500 million

b) 0% special tax rate for 15 years for new investment in manufacturing sector with capital investment above RM500 million

2. For Existing Company

100% Investment Tax Allowance (ITA) for 5 years for existing company in Malaysia relocating overseas facilities into Malaysia with capital investment above RM300 million. The allowance is offset against 100% of statutory income for each assessment year

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👫Beneficiaries: All businesses including Manufacturing

📝Objective: To encourage businesses to adapt to new norms and adhere to SOPs through tax relief

👉 Extend the period and expand the scope of expenses allowed as tax deduction or capital allowance for COVID-19’s prevention, including:
▸ Covid-19 testing
▸ Purchase of PPE and thermal scanners

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2. Tax Relief for COVID-19 Related Expenses

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2. Tax Relief for COVID-19 Related Expenses

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We are able to apply from the government to a new funding program in which aggregated approved financing will be capped at RM50,000 and at a subsidized interest rate of 3.5% to help us from some cash flow constraints.

RM50 million is earmarked for women, youth entrepreneurs, and social enterprises. Since our company boss, Ms. Affiza is a woman entrepreneur which meets the requirement to apply it.

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Several shopping malls are closed due to MCO, the closing retail stores of our company were adversely impacted by COVID-19 and cannot operate as normal and lack sufficient cash flow to pay for the operating expenses.

So, we can claim from the banking sector to assist our company with a maximum loan size of RM500,000 at a concession interest rate of 3.5%.

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3. Financial Stress Support for Businesses

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3. Financial Stress Support for Businesses

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Companies have been operating for 36 months and more and have spent Qualified Capital Expenditure (QCE)  on factory and machinery in Malaysia that expand, modernize and automate the units in the industry are eligible.

Reinvestment Subsidies:

The allowance will be withdrawn if the asset for which the allowance is granted is disposed of within five years.

Allowance is computed at 60% of QCE incurred and can be utilised against 70% of statutory income

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Business is not more than RM50 million for the relevant year of assessment

First taxable income of 17% taxable will be increased from RM500,000 to RM600,000

Subsequent taxable income will be chargeable 24%.

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Therefore before 30 June 2021, we have chance to think about the hiring plan , due to our company exactly need more workers too.

The tax incentive period will be within 6 months,  and although it can help our company in short term hiring benefit , we cannot simply hire worker due to the high tax incentive because Incentives for the subsequent months WILL NOT BE PAID if the employee resigns and For contract staffs, the contract period in the offer letter has to be at least 1 year.

For my perspective, I will suggest to hire new worker, especially hiring a local employee to substitute the job usually done by foreign worker. Because it is a good chance to provide training for them and increase the quality of workers in long term perspective.

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A 100% capital allowance on “small value assets” (assets having a value of up to RM2,000), but subject to a ceiling of qualifying capital allowance of RM20,000 per year