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[Employment] Economic Stimulus Packages in Malaysia
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.
[Sector Focus: SME] Economic Stimulus Packages in Malaysia
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 Malaysia by the Government.
[Taxation] Economic Stimulus Packages in Malaysia
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.