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Empowering people, propelling businesses and stimulating the economy.

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Empowering people, propelling businesses and stimulating the economy.

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Assist SMEs and micro businesses to withstand the impact of COVID 19

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Assist SMEs and micro businesses to withstand the impact of COVID 19

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Protect welfare of the people, support businesses including SME and strengthen the country’s economy to weather the impact of COVID 19

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Protect welfare of the people, support businesses including SME and strengthen the country’s economy to weather the impact of COVID 19

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Mitigating the impact of COVID 19, spurring rakyat centric economic growth and promoting quality investment

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Mitigating the impact of COVID 19, spurring rakyat centric economic growth and promoting quality investment

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The deferment of monthly installment payments (CP500) will help all the businesses by not paying extra amount of money and wouldn't imposed to any tax penalties.

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The deferment of monthly installment payments (CP500) will help all the businesses by not paying extra amount of money and wouldn't imposed to any tax penalties.

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Encourages businesses to undertake renovation and refurbishment in preparation for increased economic activity in the future.

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Encourages businesses to undertake renovation and refurbishment in preparation for increased economic activity in the future.

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Help assist small business operators and B40 families who have been financially affected by the MCO. 

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Help assist small business operators and B40 families who have been financially affected by the MCO. 

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To support and encourage employees under work from home arrangements. 

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To support and encourage employees under work from home arrangements. 

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Help ease the parents burden with regard to childcare expenses during CMCO of Covid-19.

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Help ease the parents burden with regard to childcare expenses during CMCO of Covid-19.

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Introduced 23/9/2020

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On 23 September 2020, the Malaysian Government announced the RM10 billion Prihatin Supplementary Initiative Package (Kita Prihatin) in line with its effort to boost economic recovery. This additional package includes the RM7 billion Bantuan Prihatin Nasional (BPN) 2.0, the Wage Subsidy Programme 2.0 worth RM2.4 billion and Prihatin Special Grant (GKP) worth RM600 million. The Kita Prihatin package targets four (4) main groups, namely:

the bottom 40% income group (B40) who are married and single;

the middle 40% income group (M40) who are married and single;

local workers in various fields; and

small and medium enterprises

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Kita Prihatin Malaysia Economic Stimulus Package 2020 | Crowe Malaysia PLT

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On 23 September 2020, the Malaysian Government announced the RM10 billion Prihatin Supplementary Initiative Package (Kita Prihatin) in line with its effort to boost economic recovery. This additional package includes the RM7 billion Bantuan Prihatin Nasional (BPN) 2.0, the Wage Subsidy Programme 2.0 worth RM2.4 billion and Prihatin Special Grant (GKP) worth RM600 million.

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Introduced 25/6/2020

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On 5 June 2020, the Prime Minister unveiled the Short-term Economic Recovery Plan ("Plan"). This Plan was unveiled against the backdrop of a pessimistic global economic outlook and a steep decline in Malaysia's economic growth projections for 2020, from 4.8% to -2% to 0.5%.

The RM35b Plan was developed around the broad themes of empowering people, propelling businesses and stimulating the economy.

Addressing the now

The announcement saw additional measures to support small and medium-sized enterprises (SMEs) and the rakyat, especially vulnerable groups and the B40. These include the extension of the Wage Subsidy Programme and additional financing measures.

Focusing on the next and the beyond

COVID-19 has accelerated the need for digital transformation. To facilitate and support this, the Government has now introduced various initiatives and measures to encourage digital adoption by businesses.

The Government itself is also accelerating the digitalization of its services in areas such as stamp duty and unclaimed monies matters. It is expected that the Government will continue to increase the use of technology in its interactions with the public and delivery of services under the new norm.

There are also various measures aimed at encouraging local entrepreneurship and promoting investments. For SMEs, measures have been introduced to spur the setting-up of new businesses i.e. income tax rebates and stamp duty exemption for mergers and acquisitions. Further, generous incentives in the form of tax holidays and special reinvestment allowance were announced to encourage investors to relocate large operations to Malaysia.

Combined with our world-class infrastructure network, connectivity and multilingual talent pool, these incentives will position Malaysia as one of the most competitive countries in ASEAN for foreign direct investments. The Government's promise of greater efficiency, for example the issuance of manufacturing licenses for non-sensitive industries within two days, will also boost investor confidence.

The Government has also introduced a "Buy Malaysia" campaign. As part of this campaign, big supermarket chains will be required to tag Malaysian products and dedicated Malaysian product channels will be introduced on major digital platforms. Further, the Government will co-fund digital discount vouchers to encourage online purchases from local retailers.

Overall, the Short-term Economic Recovery Plan focuses on the right priorities - saving jobs and preserving business continuity, digitalization, encouraging high-value investments and further improving Government efficiency.

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COVID-19: Short-term Economic Recovery Plan

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On 5 June 2020, the Prime Minister unveiled the Short-term Economic Recovery Plan ("Plan"). This Plan was unveiled against the backdrop of a pessimistic global economic outlook and a steep decline in Malaysia's economic growth projections for 2020, from 4.8% to -2% to 0.5%.

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3) Additional prihatin package (10 billion)

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3) Additional prihatin package (10 billion)

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introduced 6/4/2020

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Additional Prihatin SME package is implemented to assist the micro, small and medium enterprises.

On 6 April 2020, the Government announced an additional economic stimulus package aimed at assisting Small and Medium Enterprises (SMEs) and micro businesses to withstand the impact of COVID-19 outbreak and Movement Control Order (MCO) to their businesses.

This Additional Prihatin SME Economic Stimulus Package 2020 (ESP3), valued at RM10 billion, includes:

An additional RM7.9 billion for the Wage Subsidy Program; and

The creation of a RM2.1 billion Special Prihatin Grant for all eligible SMEs and micro businesses.

To ensure that all the measures and initiatives under the Prihatin Economic Stimulus Package and this Additional Prihatin SME package are implemented quickly and smoothly, a taskforce has been established at the Ministry of Finance to oversee the deployment and progress of the initiatives.

The IMSME.com.my portal handled by the Credit Guarantee Corporation is ready to receive applications for SME reliefs, with the portal also offering financing advice for SMEs.
Source link: Prime Minister speech
-Source: https://www.pmo.gov.my/wp-content/uploads/2020/04/English-PM-Speech-PRIHATIN-Plus-6-4-2020-905pm.pdf

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Malaysia Additional Prihatin SME Economic Stimulus Package 2020 | Crowe Malaysia PLT

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Additional Prihatin SME package is implemented to assist the micro, small and medium enterprises. On 6 April 2020, the Government announced an additional economic stimulus package aimed at assisting Small and Medium Enterprises (SMEs) and micro businesses to withstand the impact of COVID-19 outbreak and Movement Control Order (MCO) to their businesses.

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introduced 27/3/2020

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1) Economic Stimulus Package (20 billion)

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1) Economic Stimulus Package (20 billion)

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Introduced 27/2/2020

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2020 Economic Stimulus Package - full speech text (in English) | New Straits Times

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PUTRAJAYA: The following is the full speech text of the 2020 Economic Stimulus Package, as announced by Interim Prime Minister Tun Dr Mahathir Mohamad today.

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Tax incentives and other related stimulus packages introduced by Malaysian government

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Tax incentives and other related stimulus packages introduced by Malaysian government

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Deferment of monthly tax installments for businesses in CP500 be deferred starting from April 2020 to June 2020 

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Deferment of monthly tax installments for businesses in CP500 be deferred starting from April 2020 to June 2020 

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A tax deduction up to 300,000 given on expenses incurred on renovation and refurbishment of business premises effective from 1 march 2020 to 31 December 2020

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A tax deduction up to 300,000 given on expenses incurred on renovation and refurbishment of business premises effective from 1 march 2020 to 31 December 2020

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Early withdrawal of contribution of up to RM1,500 from Account B of Private Retirement Scheme from 30 April 2020 to 31 December 2020 would be exempted from withholding tax. 

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Early withdrawal of contribution of up to RM1,500 from Account B of Private Retirement Scheme from 30 April 2020 to 31 December 2020 would be exempted from withholding tax. 

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Special individual income tax relief of up to RM2,500 will be given for the purchase of mobile phone, notebook and tablet.

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Special individual income tax relief of up to RM2,500 will be given for the purchase of mobile phone, notebook and tablet.

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Tax relief on childcare services or kindergartens  expenses will be increased from RM2,000 to RM3,000 for YAs 2020 and 2021.

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Tax relief on childcare services or kindergartens  expenses will be increased from RM2,000 to RM3,000 for YAs 2020 and 2021.

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Short or Long term Stability of Tax Incentives 

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Short or Long term Stability of Tax Incentives 

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The Prime Minister has announced the following measures:

Companies are allowed to revise their tax estimates in the month of their 3rd instalment payment, if the 3rd instalment payment falls in 2020.

Accelerated capital allowance will be given for qualifying capital expenditure incurred on machinery and equipment including Information and Communication Technology Equipment from 1 March 2020 to 31 December 2021 where the annual allowance will be increased to 40% (current rates range from 10% to 20%), with initial allowance of 20%.

A tax deduction of up to RM 300,000 will be given for expenses incurred on renovation and refurbishment of business premises from 1 March 2020 to 31 December 2021.

Double deduction will be given on pre-commencement expenses incurred by International Shipping Companies for setting up regional offices in Malaysia where the application should be made to Malaysian Investment Development Authority not later than 31 December 2021.

A tax deduction / capital allowance will be given for expenses incurred disposable / non-disposable personal protective equipment or other relevant equipment.

Donations / contributions in cash / in-kind to fight against the COVID-19 outbreak are allowed for tax deductions

Additional tax deduction equivalent to the amount of rental reduction will be given to landlords of business premises who offer rent reduction of at least 30% to SME tenants from April 2020 to September 2020.

Accrued interest income of financial institutions from loans or financing involved with the moratorium from 1 April 2020 to 30 September 2020 would only be taxable upon receipt or when it becomes receivable on or after 1 October 2020. [Gazetted]

Annual income tax rebate of up to RM20,000 for the first 3 Years of Assessments ("YA") will be given to an SME established and in operations between 1 July 2020 and 31 December 2021.

Foreign companies that relocate their business operations into Malaysia and have made new investments in the manufacturing industry will be taxed at a rate of 0% for the following periods:

a) 10 years for capital investment between RM300 million to RM500 million

b) 15 years for capital investment above RM500 million

provided that the companies relocate and commence their operations within 1 year from the date of approval and the committed capital investment is made within 3 years. This is applicable to applications made from 1 July 2020 to 31 December 2021.

An existing company in Malaysia will be granted a 100% investment tax allowance for a period of 5 years if it relocates its overseas manufacturing facilities back into Malaysia where the application should be made from 1 July 2020 to 31 December 2021.

Special reinvestment allowance ("RA") will be given for qualifying expenditure incurred by companies engaging in manufacturing and selected agriculture activities from YA 2020 to YA 2022 (whose RA incentive period has expired).

Further tax deduction will be given to employers which adopt flexible work arrangements effective 1 July 2020.

Filing/Payment Deadline Extension

Automatic deferment of Monthly Tax Installment Payments (CP204):

9 Months from 1 April 2020 to 31 December 2020 for tourism Industry.

Deferment of Monthly Tax Installment Payments (CP500)

There is no requirement to pay the deferred tax installment payments and tax penalties will not be imposed. The balance of tax (if any) has to be settled upon the submission of the income tax return.
Personal Income Tax
The Prime Minister has announced the following measures:

Special tax relief up to RM1,000 will be given to individuals on domestic travel expenses incurred from 1 March 2020 to 31 December 2021.

Early withdrawal of contribution of up to RM1,500 from Account B of Private Retirement Scheme from 30 April 2020 to 31 December 2020 would be exempted from withholding tax. [Gazetted]

Individual income tax exemption of up to RM5,000 will be given to employees who receive a handphone, notebook and tablet from their employer effective 1 July 2020.

Income tax relief given to parents on the fees paid to childcare centres or kindergartens will be increased from RM2,000 to RM3,000 for YA 2020 and YA 2021.

Special tax relief of up to RM2,500 will be given to individuals on the purchase of handphones, notebooks and tablets effective 1 June 2020.

Stamp Duty
The Prime Minister has announced the following measures:

An instrument of loan/financing agreement relating to restructuring and rescheduling of a business loan/financing between a borrower/customer and a financial institution which is executed from 1 March 2020 to 31 December 2020 is exempted from stamp duty provided the existing agreement has been duly stamped and the application is submitted with a letter of offer from the financial institution. [Gazetted]

Stamp duty exemption will be given on instruments executed by SMEs for mergers and acquisitions taking place between 1 July 2020 and 30 June 2021.

Loan agreement and instrument of transfer relating to the purchase of residential property under the Home Ownership Campaign 2020/2021 valued at more than RM300,000 but not more than RM2.5 million executed between an individual named in a sale and purchase agreement and a qualifying party would be exempted from stamp duty (exemption on instrument of transfer is in respect of RM1 million and below of the value of the property). [Gazetted]

Additional Information Real Property Gains Tax
The Prime Minister has proposed the following measures:

Disposal of residential property (maximum of 3 units) by an individual from 1 June 2020 to 31 December 2021 would be exempted from real property gains tax. [Gazetted]
Customs/Import and Other Miscellaneous Taxes
The Prime Minister has announced the following measures:

Service tax exemption are given to hotel and other similar establishments for taxable services provided from 1 March 2020 to 30 June 2021.

Subject to meeting conditions, import duty and sales tax exemption on equipment and machineries are given to port operators where the application should be submitted to the Ministry of Finance from 1 April 2020 to 31 March 2023.

Expansion of the value-added activities permitted in the Licensed Manufacturing Warehouse and the Free Industrial Zone to include supply chain management, strategic procurement operation and total support solutions effective from 1 April 2020.

Review of conditions to purchase duty free goods from duty free shops at international airports in Malaysia by persons entering Malaysia effective from 1 April 2020.

50% of the late payment penalty for sales tax and service tax due and payable from 1 June 2020 to 30 September 2020 be remitted.

Sales tax exemption of 100% and 50% are given for the purchase of locally assembled cars and imported passenger cars respectively from 15 June 2020 to 31 December 2020.

Accommodation premise operators are exempted from charging Tourism Tax from 1 July 2020 to 30 June 2021.

100% export duty exemption are given on crude palm oil, crude palm kernel oil and refined bleached deodorized palm kernel oil from 1 July 2020 to 31 December 2020

Acquisition from local registered manufacturers and importation of face masks are exempted from Import Duty and Sales Tax.

Subject to meeting conditions, acquisition from local registered manufacturers and importation of prescribed taxable personal protective equipment and consumables to be contributed to the Ministry of Health are exempted from Import Duty and Sales Tax.

Subject to meeting conditions, manufacturers of hand sanitizer (under tariff code 3808.94.9000) are eligible for Import Duty, Excise Duty and Sales Tax exemptions on the raw materials (undenatured ethyl alcohol and denatured ethyl alcohol).

Additional information regarding employment-related measures, economic stimulus measures and other measures.

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Malaysia: Tax developments in response to COVID-19

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The Prime Minister has announced the following measures: Companies are allowed to revise their tax estimates in the month of their 3rd instalment payment, if the 3rd instalment payment falls in 2020.

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1)Aishvini a/p Anbarasan  I20019802
2)Ashvinie Nair a/p Sashi Easu Thavan I18014736
3)Darvena a/p Rajendran I17013512
4)Liban Abdullahi Ali I19016499