PM unveils short-term economic recovery package
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Perutusan Khas: Pelan Pemulihan Ekonomi Jangka Pendek (5 Jun 2020)
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Saving jobs, rebooting the economy
Subsidies, tax exemptions among measures amid pandemic
Prime Minister Tan Sri Muhyiddin Yassin announced a RM35bil allocation for 40 initiatives to empower the people, propel businesses and stimulate the economy in the wake of the Covid-19 pandemic. From saving lives to saving jobs, and ensuring that we, as a nation, bounce back.
PUTRAJAYA: The economic recovery plan that is meant to empower the people, propel businesses and stimulate the economy, actually addresses the most fundamental of the rakyat’s concerns: possible unemployment and the loss of income.
PUTRAJAYA: The economic recovery plan that is meant to empower the people, propel businesses and stimulate the economy, actually addresses the most fundamental of the rakyat’s concerns: possible unemployment and the loss of income.
Of the RM35bil allocated for 40 initiatives, RM9bil has been set aside to aid three million workers via various schemes.
Announcing this, Prime Minister Tan Sri Muhyiddin Yassin said the plan, known as Penjana, is one of the six strategies to tackle the challenges posed by the Covid-19 pandemic.
He said RM10bil of that RM35bil allocation would come via a direct fiscal injection by the government.
The Prime Minister said he is aware that people are worried about losing their jobs and source of income following the closure of many economic sectors and activities during the movement control order (MCO) period.
“I understand that it will take some time for the economy to recover and that there are those in the community who still need help during the recovery period,” he said in a special address that was broadcast live.
Among incentives he announced were the extension of the wage subsidy programme for another three months, as well as an employment incentive programme and apprentice programme.
These are in addition to a host of training and upskilling programmes, including those for youth and the unemployed.
Muhyiddin also announced tax exemptions and insurance protection for employers, to encourage more companies, especially small and medium enterprises, to adopt work-from-home policies.
“I do understand your need to use public transport for work and other activities. To lessen the burden on transportation costs, the government will introduce the MY30 programme,” he said.
This particular initiative would allow consumers to have unlimited rides on public transport under Prasarana around the Klang Valley for RM30 a month, from June 15 until the end of the year.
Muhyiddin also said that Penjana will announce a few investment packages, programmes, tax exemptions, and finance facilities to attract more investments.
He pointed out that the Covid-19 pandemic has changed how economies operate.
“For Malaysia to remain an important investment destination, we need to tell the world we are competitive and open for business,” he said.
The Prime Minister also announced that a sukuk worth RM500mil would be raised in the third quarter of the year.
Themed “from the rakyat, to the rakyat”, the funds from the sukuk would be channelled to help finance micro-enterprises and businesses, especially those run by women.
“It will also be used to improve Internet broadband coverage at schools, especially in rural areas, and as grants for research work on communicable diseases,” he said.
EMPLOYMENT
> RM9bil to benefit three million workers to curb unemployment.
> Three months’ extension for Wage Subsidy Programme.
> RM600 monthly incentive for apprenticeships for school leavers and graduates for up to six months.
> RM800 monthly incentive for hiring unemployed person below age 40 for up to six months.
> RM1,000 monthly incentive for hiring unemployed person above age 40 for up to six months. > RM4,000 training allowance for those retrenched but not covered under the Employment Insurance System.
DIGITAL
>1GB free Internet per day for learning and productivity activities until December.
> RM50 in e-wallet credits for adult Malaysians earning less than RM100,000 annually.
> Up to RM5,000 personal income tax exemption for employees who receive handphone, notebook and tablet from employer, effective July 1.
> Up to RM2,500 personal income tax relief on the purchase of handphone, notebook and tablet, effective June 1.
BUSINESSES
>50% remission of penalty for late payment of Sales and Service Tax payable from July 1 to Sept 30.
> Tax deduction for employers who implement flexible work arrangements, effective July 1.
> Tax incentives for Covid-19-related expenses for companies. > Investment fund to drive digitalisation of businesses.
TOURISM
> RM1bil tourism financing scheme to assist tourism sector.
> Personal income tax relief of up to RM1,000 on local travel expenses extended to Dec 31, 2021.
> Tourism tax exemption from July 1, 2020, to June 30, 2021.
> Extension of service tax exemption for hotels to June 30, 2021.
CHILDCARE
> Up to RM3,000 income tax relief for parents on childcare services expenses.
> One-off grant of up to RM5,000 per childcare centre registered with the government.
> E-vouchers worth RM800 per household for mobile childcare services.
HOUSING
> Home Ownership Campaign to be reintroduced, with stamp duty exempted for the purchase of residential homes priced between RM300,000 and RM2.5mil.
> Exemption of Real Property Gains Tax for disposal of residential homes until Dec 31, 2021.
SMEs
> RM700mil to assist and incentivise SMEs to digitalise operations.
> Banking sector offers RM2bil to assist SMEs with a threshold of RM500,000 per SME.
> RM400mil to help fund micro-enterprises.
CARS
> 100% tax exemption on purchase of locally assembled passenger cars from June 15 until Dec 31.
> 50% tax exemption for imported passenger cars from June 15 to Dec 31.
PM: Govt targets SMEs and mid-tier firms in short-term economic recovery package
In his special address on Friday, Prime Minister Tan Sri Muhyiddin Yassin introduced “PENJANA” or the National Economic Recovery Plan, the latest initiative by his administration, targeting small-and-medium and mid-tier enterprises as well.
The plan, dubbed as a short-term stimulus package, is to help the nation’s economy recover from the Covid-19 pandemic.
Among the initiatives are:
- Banking sector allocates RM2bil to assists SMEs with a threshold of RM500,000 per SME
- RM400mil to fund Penjana microcredit by Tekun and Bank Simpanan Nasional with RM50mil allocated especially for female entrepreneurs
- RM600mil to drive the process of digitalisation of businesses and innovation. A matching fund will be matched by local and international investors
- RM1bil for the tourism industry
KUALA LUMPUR, June 5 ― The federal government is introducing an economic recovery plan dubbed Penjana that will put RM35 billion into the Malaysian economy via various initiatives and direct benefits.
Prime Minister Tan Sri Muhyiddin Yassin said the plan was necessary as Malaysia, along with the rest of the world, was about to face the worst economic conditions since The Great Depression due to the Covid-19 pandemic.
Of the sum announced, the PM said RM10 billion would be direct fiscal injections from the government.
“We are introducing the new plan to restart the economy which we are calling Penjana.
“It will benefit up to three million workers who have lost their jobs and income during the Covid-19 pandemic,” Muhyiddin said during his special address today.
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Read more:Building the Economy Together
https://penjana.treasury.gov.my/index-en.html
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