Dear Valued Customers,
New RM10 Billion Stimulus Package for SMEs
It’s been a challenging period for Malaysia businesses this past month. Here are some key updates in Malaysia so far.
New RM10 Billion Stimulus Package for Malaysia’s SMEs
Small and medium enterprises (SMEs) in Malaysia received good news from the Prime Minister. On 6 April 2020, it was announced that a new supplementary stimulus package would be available. The new stimulus package supports SMEs that have been impacted by COVID-19, and is in addition to the RM250 billion economic stimulus that was announced on 27 March 2020. So far, the Malaysian Government has injected over RM260 billion in total to support the Malaysia economy.
Tourism Sector Allowed to Amend Tax Assessments and Postpone Payments
Malaysia’s tourism sector has been given the green light by the Government to amend their tax assessments this year. Tax payments have also been postponed. This measure was introduced to help businesses impacted by COVID-19.
SSM Initiatives to Ease Burden of Movement Control Order
The Companies Commission of Malaysia (SSM) announced seven new initiatives on 10 April 2020. These initiatives will help the corporate sector ease their burden during the Movement Control Order (MCO) restriction.
Conditional Movement Control Order Declared
The Prime Minister declared the Conditional Movement Control Order on Labour Day 1 May 2020. This will allow businesses and industries to open with conditions. If your company is listed under the sectors allowed to open, you are required to declare the following to Ministry of International Trade and Industry (MITI):
• Declare company’s details.
• Agree to abide by the stated conditions.
Malaysia is on our way to getting things back to normal. As long as everyone does their part, businesses can be back in full swing in no time, and no doubt, this is something all of us are all looking forward to. Until next month, stay safe!
Founder, 3E Accounting Group
Read More in our E-Newsletter May 2020.