Malaysian Government Announces Economic Stimulus Package For COVID-19

The interim Prime Minister of Malaysia, Tun Dr. Mahatir Mohamad, announced a RM20 Billion 2020 Economic Stimulus Package (‘Stimulus Package’) yesterday to mitigate the economic impact of the COVID-19 outbreak affecting many countries in the world.

Some of the measures included in the Stimulus Package are as follows –

1. To assist businesses most adversely affected by the COVID-19 outbreak, the Government will implement the following measures for a period of six months from April 2020 to September 2020 –
2. 1. allow the deferment of monthly income tax instalment payments for businesses in the tourism sector; in addition, companies affected by COVID-19 will be allowed to revise their profit estimates for 2020 with respect to monthly income tax instalment without penalty;