HKTDC Hong Kong Means Business

Hong Kong Means Business Hong Kong Means Business

Search form

Languages

  • EN
  • 繁
  • 简
SUBSCRIBE
  • EVENTS
  • MY FEED
  • CONTACT HKTDC
  • ABOUT HKTDC
  • hktdc.com

Section Menu

  • multimedia
  • market spotlight
  • first person
  • Venture Hong Kong
  • heads-up
  • inside china
  • life & style
  • hktdc research

Search form

Languages

  • EN
  • 繁
  • 简
SUBSCRIBE
Hong Kong Means Business

Section Menu

  • multimedia
  • market spotlight
  • first person
  • Venture Hong Kong
  • heads-up
  • inside china
  • life & style
  • hktdc research

https://hkmb.hktdc.com/en/Mzk4NDA2MjEw

hktdc research
SAVE FOR LATER
SHARE / SEND

"Scan QR Code" in WeChat and tap "..." to share.

MALAYSIA: Second Tranche of Anti-Virus Economic Support Measures Scheduled

07 April 2020



In a bid to intensify its efforts to mitigate the worst effects of the ongoing coronavirus pandemic, the government has unveiled an additional RM230 billion (US$52.79 billion) economic stimulus package. This follows February’s announcement of an initial RM 20 billion (US$4.59 billion) raft of supportive measures. The combined package, which came into effect as of 1 April, equates to 15.5% of the country’s GDP.

Among the latest measures is permission for all small and medium-sized enterprises to delay their monthly corporate income tax (CIT) payments for up to three months. In the earlier stimulus round, such an entitlement only extended to businesses in the tourism sector and ran for six months. In addition, businesses can postpone, restructure or reschedule the employers’ share of Employees’ Provident Fund (EPF) payments, while mandatory contributions to the Human Resources Development Fund (HRDF) have been put on hold for six months.

In a bid to prevent large-scale layoffs, a government subsidy of RM 600 per worker is also on offer for three months. In order to qualify, employees must earn less than RM4,000 (US$918) per month and work for a business that has experienced at least a 50% drop in revenue since 1 January this year. Employers looking to participate in the programme must agree to neither terminate their existing work force nor to implement any pay cuts or force any employee to take unpaid leave for at least three months after the programme has concluded. In other moves, businesses located in government-owned buildings (such as convenience stores) are to enjoy a six-month rent holiday.

Finally, in addition to the soft loans and micro-credit scheme announced in February, a RM50 billion credit guarantee scheme for the financing of working capital has also been introduced. This will see the government guarantee up to 80% of any loan arranged via the scheme, with minimum guaranteed loan size of RM20 million per company. The scheme opens for applications 1 May and will close on 31 December 2020 (or earlier if all available funds have been allocated).

BACK TO TOP ^
    Topics:
  • ASEAN,
  • Southeast Asia,
  • Malaysia,
  • stimulus package,
  • sme,
  • Corporate income tax,
  • CIT,
  • EPF,
  • Human Resources Development Fund,
  • HRDF,
  • rent holiday,
  • subsidy,
  • credit guarantee scheme,
  • working capital
  • ASEAN
  • Southeast Asia
  • Malaysia
  • ASEAN
  • Southeast Asia
  • Malaysia
  • ASEAN
  • Southeast Asia
  • Malaysia
  • ASEAN
  • Southeast Asia
  • Malaysia
  • ASEAN
  • Southeast Asia
  • Malaysia
  • ASEAN
  • Southeast Asia
  • Malaysia
  • ASEAN
  • Southeast Asia
  • Malaysia
Home

Article Topics

ARTICLE TOPICS

ASEAN37801
SOUTHEAST ASIA36184
MALAYSIA36189
STIMULUS PACKAGE138461
SME77126

ARTICLE TOPICS

ASEAN37801
SOUTHEAST ASIA36184
MALAYSIA36189
STIMULUS PACKAGE138461
SME77126
CORPORATE INCOME TAX116972
CIT122569
EPF142000
HUMAN RESOURCES DEVELOPMENT FUND142001
HRDF142002
RENT HOLIDAY142003
SUBSIDY97193
CREDIT GUARANTEE SCHEME142004
WORKING CAPITAL142005

Social Share

FOLLOW US

GET WEEKLY UPDATES

newpaper-img

GET OUR WEEKLY EMAIL UPDATES

banner-img


I acknowledge that the above information may be used by the Hong Kong Trade Development Council (HKTDC) for incorporation in all or any of its database for direct marketing or business matching purpose (and may therefore become available to the public within and/or outside of Hong Kong for use by them), and for any other purposes as stated in the Privacy Policy Statement; I confirm that I have the consent and the authority of each individual named in this form to release their personal data for the purposes stated herein.


*For non-EU/EEA customers, please skip this box which is solely for EU/EEA customers as required by the relevant data protection law in the EU.

THANK YOU

Thank you for registering.

interest_article

YOU MAY BE INTERESTED IN

08 June 2020

The Malaysian Watches and Clocks’ Market: Entry Strategies and Potential Partners

28 May 2020

INDONESIA: US$43 Billion Coronavirus Stimulus Package Announced

23 April 2020

VIETNAM: Covid-19 Support Measures Announced for Business Community

06 April 2020

THAILAND: Support for Coronavirus-Hit Investors Announced

Related Events

RELATED EVENTS

10 - 12 March 2021

Fashion HK at China International Fashion Fair, Shanghai, CHIC 2021 (Spring)

11 March 2021

Product Parade in ASEAN, Kuala Lumpur, Malaysia

7 - 10 August 2021

HK Atlier at The Inspired Home Show, Chicago, USA

28 - 31 March 2022

Hong Kong Pavilion at FHA–Food & Beverage, Singapore
FIND AN EVENT

User login

  • Create new account
  • Request new password

Footer Menu

  • hktdc.com
  • ABOUT HKTDC
  • MEDIA ROOM
  • TERMS OF USE
  • PRIVACY POLICY
  • SITEMAP
  • 京ICP备09059244号

Footer Logo

Copyrights

Copyright © 2021 Hong Kong Trade Development Council. All rights reserved.

SHARE THIS STORY

EMAIL
LINKEDIN
WeChat
FACEBOOK
TWITTER
WHATSAPP

ID: HKTDCofficial

Don't have an account?

Create An Account

successfully added on your preferences.