Crowe Forensic Corporate Frauds

PEMERKASA Plus Assistance Package 2021

Key Highlights at a Glance

Crowe Forensic Corporate Frauds
The year 2021 was touted by many observers to be a year of recovery, where businesses operating in a post-Covid-19 world would feel a sense of relief after the implementation of record breaking stimulus packages and the largest global vaccination campaign in history. In Malaysia, the government’s response has been in line with global trends. With an estimated RM340 billion ringgit in economic stimulus being implemented since the pandemic surfaced in Malaysia, the economy has responded positively, exhibiting increased resilience over the past year. 

Despite the steady progress, the resurgence of the Covid-19 pandemic on our shores over the past few months has resulted in a challenging business environment. The Malaysian government has once again implemented a strict lockdown, akin to the first announced in March 2020, as it looks to stabilize the situation in Malaysia and chart a clear path forward. While the government attempts to strike a delicate balance between lives and livelihoods, support is needed to help keep the engines of the economy running during these tough times. 

In a specific response to the current situation, the government of the day has introduced the RM40 billion PEMERKASA Plus economic stimulus package, addressing the three areas of concern – healthcare capacity, people’s welfare and business continuity. For businesses in particular, greater support has been provided in terms of access to grants, microcredit loans, special tax exemptions and reductions as well as utilities discounts. Such initiatives may prove to be the difference maker for some businesses, providing them a much needed economic lifeline as they traverse the labyrinth of economic challenges created by this pandemic.  

PEMERKASA Plus Assistance Package2021: Key Highlights at a Glance

  • Appeals on imposition of penalties, application for deferment of penalty payments and instalment plans for outstanding taxes payable of affected taxpayers and businesses will be considered.
  • The period of claiming special deduction on rental discounts given by landlords of private business premises to Small and Medium Enterprises (SME) and non-SME will be extended to 31 December 2021.
  • Exemption for Tourism Tax and Service Tax will be extended until 31 December 2021.
  • Prihatin Special Grant will be increased from RM1,000 to RM1,500.
  • Stamp duty exemption on the instruments of transfer and loan agreements for the purchase of residential homes will be extended until 31 December 2021.
  • The period of full Sales Tax exemption for purchase of locally assembled cars and 50% exemption of Sales Tax for purchase of imported passenger cars will be extended until 31 December 2021.
  • The HRDF (Human Resource Development Fund) levy payment for the month of June 2021 will be exempted. 
  • 10% electricity bill discounts will be provided to affected sectors from July 2021 to September 2021.

PEMERKASA Plus Assistance Package


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