Dear Valued Customers,
RM250 Billion Stimulus For Malaysia Economy
Malaysia has announced a new economic stimulus package worth RM250 billion for the benefit of Malaysians. The package is called the Prihatin Rakyat Economic Stimulus Package or “caring package”.
Advice to Businesses
As the Government does its best to combat the spread of the Covid-19, the Movement Control Order is still in full force. For now, only essential services will be allowed to operate until 14 April. The Government understands this is going to be a very difficult decision indeed for the affected businesses, but it is advising all businesses to comply with this necessary measure.
Digital Initiatives for a Brighter Future
Malaysia is paving the way for a future that is more digitalised and the Ministry of Finance (MOF) is taking steps to make this a reality. The SME Digitalisation Initiative was recently launched by the MOF. The initiative is part of a collaborative effort between the Government and the SME Bank, Bank Simpanan Nasional (BSN) and Malaysia Digital Economy Corporation (MDEC).
Extension for Income Tax Filing
With everything that is going on, the Government understands the challenges faced by businesses and individuals in Malaysia. The Inland Revenue Board (IRB) has extended the income tax filing deadline. The extension is two months from the original deadline for income tax filing. The extension takes into account the current restrictions impacting businesses and employees who need to comply with the Movement Restriction Order.
Income tax forms are traditionally filed between March 2020 and June 2020. However, this will now be extended by two months. Taxpayers who do not own a business will have until 30 June 2020 to file their taxes. Taxpayers who own a business will have until 31 August 2020 to do so.
Should you need help filing your taxes, contact the 3E Accounting team for assistance.
Hoping everyone stays safe and healthy!
Founder, 3E Accounting Group
Read More in our E-Newsletter April 2020.