Rental Waivers or Reductions To reduce overhead costs, a 6-month waiver on rental payments has been granted on all premises owned by the Federal Government or their agencies. Similar waivers or discounts are granted to SMEs in the retail sector if they operate in premises owned by a government-linked company. Government-Linked Companies (GLCs) such as…

Wage Subsidy Program The Wage Subsidy Program was introduced by the government under the second stimulus package to prevent large-scale retrenchment by funding a portion of the employees’ wages and to ensure that businesses remain sustainable. Available to all businesses regardless of nature or size, the government will contribute between RM600 and RM1,200 per month…

Many people are familiar with pre-nuptial agreements (“pre-nups”). Images of a crying bride being forced to sign a pre-nup on her wedding day are part of popular culture and scenes in movies. Truth be told, most pre-nups are signed before the Big Day. What many people do not know is that married partners can enter…

The Inland Revenue Board of Malaysia has extended the submission deadline for a company’s income tax return form for the year of assessment (YA) 2019 whilst taxes which are due during the Movement Control Order period may be paid by or before 31 May 2020, without incurring any late payment penalties. Revisions to the estimates…

One-off special grant It is proposed that micro-SMEs would be entitled to a special grant amounting to RM3,000. In order to enjoy the above special grant, the micro-SME must be registered with the Inland Revenue Board of Malaysia and a list of eligible micro-SMEs would be obtained from the Local Authorities and Companies Commission of…

The first economic stimulus package sought to alleviate the pandemic’s immediate impact upon the tourism industry. Incentives for the tourism industry include: Double tax deduction on expenditure incurred on training courses for employees 6-month deferral on the payment of monthly income tax instalments 6-month exemption of the hospitality industry from Human Resource Development Fund levies…

To date, three (3) economic stimulus packages totalling RM280 billion (USD63 billion) have been announced by the Malaysian government to mitigate the economic risks arising from the COVID-19 pandemic. This demonstrates the commitment of the government in prioritising the well-being of the Malaysian citizens while also ensuring the survival of businesses impacted by COVID-19. The…

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