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PEMERKASA Stimulus Package

To Our Valued ClientsOn 17th March 2021, the Government has announced the PEMERKASA Stimulus Package ["PEMERKASA"] worth RM 20 billion. The objectives of PEMERKASA are as follows:-

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IRB's Announcement on Restructuring of Payment Centre Counter Services

To Our Valued ClientsIn line with the Government's aspiration to increase the usage of online payment (e-payment) and to improve the efficiency of tax collection process, the Inland Revenue Board ["IRB"] has announced on 9th February 2021 that a restructuring of payment centre counter services will be carried out in Kuala Lumpur, Kuching and Kota Kinabalu. Please refer to the media announcement dated 9th February 2021.

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PERMAI Stimulus Package

Following the implementation of Movement Control Order ["MCO"] 2.0, the Government has introduced the Perlindungan Ekonomi and Rakyat Malaysia ["PERMAI"] Stimulus Package value at RM15 million on 18th January 2021. The objectives of PERMAI Stimulus Package are to:-

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Updates on PENJANA and Special Deduction for Reduction of Rental

To Our Valued ClientsSubsequent to the Pelan Jana Semula Ekonomi Negara or Short-Term Economic Recovery Plan ["PENJANA"] announced by our Prime Minister, YAB Tan Sri Dato' Haji Muhyiddin Bin Haji Mohd Yassin on 5th June 2020, the Ministry of Finance ["MOF"] has published the updated Appendix dated 5th June 2020 (available in Bahasa Malaysia) with additional details of the tax measures proposed under PENJANA.

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Short-Term Economic Recovery Plan - PENJANA

To Our Valued ClientsComing into the verge entering the recovery phase of our fight against the COVID-19 pandemic, our Prime Minister, YAB Tan Sri Dato' Haji Muhyiddin Bin Haji Mohd Yassin has on 5th June 2020, unveiled the Pelan Jana Semula Ekonomi Negara or Short-Term Economic Recovery Plan ["PENJANA"] valued at RM35 billion with the theme "Building The Economy Together" which focuses on 3 key thrusts:-

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FAQ on Special Tax Treatment to Financial Institutions & Latest Update on the IRB's FAQ on Tax Matters during MCO and CMCO Period

To Our Valued ClientsThe Inland Revenue Board ["IRB"] has recently issued the Frequently Asked Questions ["FAQ"] on Special Tax Treatment to Financial Institutions in Relation to Moratorium Granted to Customer. The FAQ was issued to provide guidance to the financial institutions on the special tax treatment of interest income / profit accrued from loans between 1st April 2020 to 30th September 2020 ["the Moratorium Period"] during which repayment / payment is deferred.

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[Accounting] Additional Relief Measure Announced by Bursa Malaysia

In light of the coronavirus pandemic (COVID-19) outbreak and Movement Control Order ("MCO"), Bursa Malaysia Berhad ("Bursa Malaysia" or the "Exchange") had announced the following additional relief measures for Main, ACE and LEAP Market Listed Issuers (collectively known as ("Public Listed Issuers")):On 16 April 2020, Public Listed Issuers are granted an extension of time until 30 June 2020 to submit their quarterly reports ("QR"), annual reports ("AR") and semi-annual and annual audited financial statements ("AFS") which are due by 31 May 2020; andOn 6 May 2020, Public Listed Issuers with financial year ended on 31 March 2020 are granted an extension of time of 1-month to issue their AR and AFS by 31 August 2020, instead of 31 July 2020.

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FAQ on International Tax Issues Due to COVID-19 Travel Restrictions and FAQ on Tax Matters during the MCO and CMCO Period (18th March 2020 to 9th June 2020)

To Our Valued ClientsThe Inland Revenue Board ["IRB"] has issued the Frequently Asked Questions ["FAQ"] on International Tax Issues due to COVID-19 Travel Restrictions to provide guidance on tax issues affecting individual/company in relation to tax residence status, permanent establishment and cross border employment income as a result of travel restrictions imposed under the COVID-19 pandemic situation.

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A New Normal with Business Sustainability or A New Era Where Cash is King

Our economy is now facing the new normal way of doing business which has never been seen before. Before we could react and adapt to the new era, businesses must survive through this period of hardship. Due to the Movement Control Order ["MCO"] implemented by the Government since 18th March 2020 to curb the spread of COVID-19 pandemic, some businesses have encountered zero or minimal cash inflow while continue paying full salary, rental, statutory payments and interest to banks, etc.

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Updates on Special Prihatin Grant for Micro SME

To Our Valued ClientsThe Inland Revenue Board ["IRB"] has uploaded the Frequently Asked Questions ["FAQ"] on Special Prihatin Grant under the "Prihatin Rakyat Economic Stimulus Package (Prihatin SME)" (in Bahasa Malaysia) to provide guidance on the eligibility and application for the special grant.