Additional Prihatin Stimulus Package & Extension of Important Tax Deadlines

Additional Prihatin Stimulus Package

On 6 April 2020, additional measures to the Prihatin Rakyat Economic Stimulus Package (“ESP”) amounting to RM10 billion were announced by the Prime Minister. The additional measures are mainly for the benefit of Small and Medium Enterprises (“SMEs).

The key measures are summarised below:

• Enhanced wage subsidy programme
• Prihatin Special Grant (allocation of RM2.1 billion)
• Micro Credit Scheme
• IMSME.com.my to accept SME loan applications
• Discount or waiver of rental payments
• Reduction in foreign workers’ levies
• Employment advisory services
• Extended deadlines for submission of documents to SSM

Extension of Important Tax Deadlines

On 3 April 2020, the Inland Revenue Board (IRB) announced several extended tax deadlines and new measures in light of the Movement Control Order (MCO) that is currently in place until 14 April 2020 via a list of Frequently Asked Questions (FAQ).

The key measures are summarised in the table below. Please also refer to our Axcelasia Insights Issue 5 and Issue 6 for details that have been announced previously…