Dear Valued Customers,
Rm20 Billion Stimulus Package to Counter Covid-19 Impact and Encourage Economic Growth and Quality Investments
Amidst a challenging start to the year, we’ve positive news to share with you on what’s in store for the year ahead.
RM20 billion to Encourage Growth, Investment and Ease COVID-19 Impact
The Government announced that a new RM20 billion Economic Stimulus Package will be introduced. The package is intended to mitigate the adverse impact that the COVID-19 has had on the economy. It is based on three strategies: counter Covid-19 impact, boost people-based growth and encourage quality investments.
The Bank Simpanan Nasional (BSN) will provide RM200 million micro credit at 4% interest rate. BSN will also provide RM2 billion guaranteed financial aid for SMEs at an interest rate of 3.75%. Bursa Malaysia and the Securities Commission Malaysia (SSM) are set to waive the required listing fee for a year for the companies that are seeking to list on the Access, Certainty, Efficiency (ACE) or Leading Entrepreneur Accelerator Platform (LEAP) market. Companies with market capitalisation less than RM500 million that are seeking to list on the Main Market will also be eligible for this waiver.
Still an Attractive Investment Destination to Japanese Investors
Despite the uncertain global economic environment, Malaysia is still an attractive investment destination in the eyes of Japanese investors. Among the primary reasons for the favourable point of view is the affordability of doing business in the country, not to mention Malaysia’s strategic location. Malaysia’s manufacturing sector was also responsible for the boost in this optimistic outlook, given its robust performance last year. Japanese companies, food and beverage businesses to be specific, have expressed a keen interest in getting their halal certification in Malaysia. Overall, Japanese firms believe that Malaysia is the ideal investment hub for companies who want to penetrate the halal market.
3E Accounting Is Asia’s Largest Global Accounting Network
This March, 3E Accounting achieved a crucial milestone by becoming Asia’s largest global accounting network. With a successful and strong established presence in over 80 countries, we are proud to say we have gone global. Our efforts and accomplishment are recognised by Consultancy.Asia, the global advisory platform, and the International Accounting Bulletin.
Income Tax (Form E) Submission
This is the time of the year for tax season. We would like to remind all employers that it’s about time to start preparing Form E. Form E is the Return Form of Employer-Remuneration from the last calendar year. All employers and employees must fulfil their income tax filing requirements annually.
All employers in Malaysia are mandated by law to furnish a tax form for their employees too. Private sector employees should receive Form EA, while public sector employees should receive Form EC. All employers should have prepared this statement either on or before the last day of February for each employee. This will allow the employee enough time to complete their personal tax return forms, including new, existing and resigned employees.
As for Companies, LLPs, Trust Bodies and Co-operative Societies, it is compulsory to file Form E (Borang E) by 31 March (you may be given a grace period to do this until 30 April 2020 for e-filing). Form E must be filled and completed even if the organisation has no employees OR is dormant OR has not commence business during the 2019 calendar year. If anyone of the company’s directors or business owners has an e-Filing PIN that is registered to the business entity, you will be granted a grace period until 30 April 2020 to file Form E online.
Should you need assistance with the income tax submission, we can help! Find out more here.
Have a safe and productive March!
Founder, 3E Accounting Group
Read More in our E-Newsletter March 2020.