WAGES SUBSIDY PROGRAMME 2.0
- Wage subsidy allocation increased to RM13.8bil compared from RM5.9bil announced on March 27, an additional RM7.9bil.
SPECIAL GRANT SCHEME
- The creation of a RM2.1Billion Prihatin Special Grant for all SMEs that qualify.
- The Government will provide a special grant of RM3,000 to each company, which is expected to benefit nearly 700,000 micro SMEs nationwide. These SMEs must register with the Inland Revenue Board (IRB) to enjoy this facility. The government will obtain a list of eligible SMEs from the Local Authorities and Companies Commission of Malaysia (SSM).
INTEREST FREE MICRO CREDIT SCHEME
- The government will be abolishing the 2% interest rate for the RM500mil Micro Credit Scheme under Bank Simpanan Nasional.
- The micro loan scheme for micro-businesses extended to Tekun Nasional with a maximum loan limit of RM10,000 per SMEs company at no interest (for new loan application only). For this purpose, a sum of RM200 million will be provided. Applicants can only choose from one of these schemes.
NEGOTIABLE EMPLOYEES’ TERM OF EMPLOYMENT
- The government has agreed to encourage negotiations between employers and employees on the terms of their employment, including the option to deduct salaries, and to allow unpaid leave during the MCO.
- Employers and employees to obtain advise in regards to any problems can refer to the Labour Department arising from a resolution. Negotiations have to be based on employment laws of the country.
MORATORIUM/EXTENSION FOR SSM STATUTORY DOCUMENTS SUBMISSION/FILING
- All the statutory filing affected by Movement Control Order (“MCO”) on 18.03.2020 to 14.04.2020 being granted automatic Moratorium Period of 30 days to file without impose any late lodgement fees start from 15.04.2020 to 14.05.2020 .
- The filing of the company’s financial statements is also extended for three months via application with SSM.
DOUBLE DEDUCTION ON RENTAL REDUCTION
- The government has appealed to owners of private premises to reduce rental rates for to SMEs during the MCO and three months after it ends.
- They will be given additional tax deductions equal to the amount of rent reduction from April to June. This is subject to the condition that they reduce the rental by at least 30% during that period.
25% FOREIGN WORKER LEVY CUT
- The government has agreed to a 25% levy cut on foreign worker permit due between 1 April to 31 December 2020 (except for domestic helper).
Source: https://www.facebook.com/112183975526837/posts/2903283046416902/
For any enquiry, kindly contact us through enquiry@chengco.com.my or tax@chengco.com.my
DOWNLOAD
>> Further RM10 Billion for SMEs Fiscal Stimulus 3.0
© 2020 Cheng & Co Taxation Sdn. Bhd., a company incorporated under Malaysian Companies Act 1965.
All right reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording without the written permission of the copyright holder. Such written permission from the publisher must be obtained before any part of this publication is stored in a retrieval system of any nature.
The Cheng & Co name and logo are registered trademarks.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.
