COVID-19

PEMULIH Stimulus Package

On 28th June 2021, the Government has announced the PAKEJ Perlindungan Rakyat Dan Pemulihan Ekonomi or PEMULIH Stimulus Package worth RM150 billion with the following three (3) main focuses:-

Update on FAQ on Tax Matters During Phase One of the National Recovery Plan

The Inland Revenue Board ["IRB"] has issued the updated Frequently Asked Questions ["FAQ"] on Tax Matters During Phase One of the National Recovery Plan (updated on 30th June 2021) as well as the Return Form Filing Programme for the Year 2021 (updated on 26th June 2021) to update the tax filing due dates and other operational matters. In this updated FAQ, the term "Phase One of the National Recovery Plan" has been used to replace the term "Movement Control Order 3.0 Period" used in the earlier FAQ.

Update on Deferment of Payment of Tax Instalments for the Period from 1st April 2021 to 31st December 2021 for Tourism, Cinema and Spa Industries

The Inland Revenue Board ["IRB"] has, on 28th June 2021, updated the Frequently Asked Questions ["FAQ"] - Deferment of Payment of Estimated Tax Payable (CP204) and Instalment Scheme (CP500) from 1st April 2021 to 31st December 2021 under the PEMERKASA Stimulus Package which is available to taxpayers with eligible business codes for the tourism, cinema and spa industries.

Deferment of Payment of Tax Instalments for the Period from 1st April 2021 to 31st December 2021 for Tourism, Cinema and Spa Industries

Under the PEMERKASA Stimulus Package announced by the Government on 17th March 2021, it was proposed that deferment of tax instalments be granted to companies in the tourism and selected industries (e.g. cinema and spa). In relation to this, the Inland Revenue Board ["IRB"] has issued the Frequently Asked Questions ["FAQ"] - Deferment of Payment of Estimated Tax Payable (CP204) and Instalment Scheme (CP500) from 1st April 2021 to 31st December 2021 under PEMERKASA.

Extension of Time for Circulation and Lodgement of Financial Statements and Annual General Meeting Announced by Suruhanjaya Syarikat Malaysia ("SSM")

Following the implementation of Full Movement Control Order ("Total lockdown") and in support of the Government's initiatives to ease the economic pressures faced by the corporate community, SSM has issued the Practice Directive ("PD") No. 8/2021 dated 1 June 2021 to clarify the special procedures for application of Extension of Time ("EOT") for Lodgement of Financial Statements and Annual General Meeting (AGM) for affected companies having financial year end AFTER 31 October 2020 to 31 January 2021 as follows:

PEMERKASA Plus Stimulus Package

On 31st May 2021, the Government has announced the PEMERKASA Plus Stimulus Package ["PEMERKASA Plus"] worth RM40 billion with the following three (3) main objectives:-

PEMERKASA Stimulus Package

On 17th March 2021, the Government has announced the PEMERKASA Stimulus Package ["PEMERKASA"] worth RM 20 billion. The objectives of PEMERKASA are as follows:-

IRB's Announcement on Restructuring of Payment Centre Counter Services

In line with the Government's aspiration to increase the usage of online payment (e-payment) and to improve the efficiency of tax collection process, the Inland Revenue Board ["IRB"] has announced on 9th February 2021 that a restructuring of payment centre counter services will be carried out in Kuala Lumpur, Kuching and Kota Kinabalu. Please refer to the media announcement dated 9th February 2021.

PERMAI Stimulus Package

Following the implementation of Movement Control Order ["MCO"] 2.0, the Government has introduced the Perlindungan Ekonomi and Rakyat Malaysia ["PERMAI"] Stimulus Package value at RM15 million on 18th January 2021. The objectives of PERMAI Stimulus Package are to:-

Updates on PENJANA and Special Deduction for Reduction of Rental

Subsequent to the Pelan Jana Semula Ekonomi Negara or Short-Term Economic Recovery Plan ["PENJANA"] announced by our Prime Minister, YAB Tan Sri Dato' Haji Muhyiddin Bin Haji Mohd Yassin on 5th June 2020, the Ministry of Finance ["MOF"] has published the updated Appendix dated 5th June 2020 (available in Bahasa Malaysia) with additional details of the tax measures proposed under PENJANA.

Short-Term Economic Recovery Plan - PENJANA

To Our Valued ClientsComing into the verge entering the recovery phase of our fight against the COVID-19 pandemic, our Prime Minister, YAB Tan Sri Dato' Haji Muhyiddin Bin Haji Mohd Yassin has on 5th June 2020, unveiled the Pelan Jana Semula Ekonomi Negara or Short-Term Economic Recovery Plan ["PENJANA"] valued at RM35 billion with the theme "Building The Economy Together" which focuses on 3 key thrusts:-

FAQ on Special Tax Treatment to Financial Institutions & Latest Update on the IRB's FAQ on Tax Matters during MCO and CMCO Period

To Our Valued ClientsThe Inland Revenue Board ["IRB"] has recently issued the Frequently Asked Questions ["FAQ"] on Special Tax Treatment to Financial Institutions in Relation to Moratorium Granted to Customer. The FAQ was issued to provide guidance to the financial institutions on the special tax treatment of interest income / profit accrued from loans between 1st April 2020 to 30th September 2020 ["the Moratorium Period"] during which repayment / payment is deferred.

[Accounting] Additional Relief Measure Announced by Bursa Malaysia

In light of the coronavirus pandemic (COVID-19) outbreak and Movement Control Order ("MCO"), Bursa Malaysia Berhad ("Bursa Malaysia" or the "Exchange") had announced the following additional relief measures for Main, ACE and LEAP Market Listed Issuers (collectively known as ("Public Listed Issuers")):On 16 April 2020, Public Listed Issuers are granted an extension of time until 30 June 2020 to submit their quarterly reports ("QR"), annual reports ("AR") and semi-annual and annual audited financial statements ("AFS") which are due by 31 May 2020; andOn 6 May 2020, Public Listed Issuers with financial year ended on 31 March 2020 are granted an extension of time of 1-month to issue their AR and AFS by 31 August 2020, instead of 31 July 2020.

FAQ on International Tax Issues Due to COVID-19 Travel Restrictions and FAQ on Tax Matters during the MCO and CMCO Period (18th March 2020 to 9th June 2020)

To Our Valued ClientsThe Inland Revenue Board ["IRB"] has issued the Frequently Asked Questions ["FAQ"] on International Tax Issues due to COVID-19 Travel Restrictions to provide guidance on tax issues affecting individual/company in relation to tax residence status, permanent establishment and cross border employment income as a result of travel restrictions imposed under the COVID-19 pandemic situation.

A New Normal with Business Sustainability or A New Era Where Cash is King

Our economy is now facing the new normal way of doing business which has never been seen before. Before we could react and adapt to the new era, businesses must survive through this period of hardship. Due to the Movement Control Order ["MCO"] implemented by the Government since 18th March 2020 to curb the spread of COVID-19 pandemic, some businesses have encountered zero or minimal cash inflow while continue paying full salary, rental, statutory payments and interest to banks, etc.

Updates on Special Prihatin Grant for Micro SME

To Our Valued ClientsThe Inland Revenue Board ["IRB"] has uploaded the Frequently Asked Questions ["FAQ"] on Special Prihatin Grant under the "Prihatin Rakyat Economic Stimulus Package (Prihatin SME)" (in Bahasa Malaysia) to provide guidance on the eligibility and application for the special grant.

Latest Update on FAQ on Tax Matters during the MCO Period - In Response to the Extension of MCO Period until 12th May 2020

To Our Valued ClientsIn response to the extension of Movement Control Order ["MCO"] period until 12th May 2020, the Inland Revenue Board ["IRB"] has on 28th April 2020, updated the Frequently Asked Questions ["FAQ"] on Tax Matters During the MCO Period (18th March 2020 to 12th May 2020) as well as the Return Form Filing Programme for the Year 2020 (Amendment 3/2020) to update the tax filing due dates and other operational matters.

Latest Update on the IRB's FAQ on Tax Matters during the MCO Period (Deductions for Contributions Made Associated with COVID-19)

To Our Valued ClientsFor your update, the Inland Revenue Board ["IRB"] has on 21st April 2020, updated the Frequently Asked Questions ["FAQ"] on Tax Matters During the Movement Control Order Period (18th March 2020 to 28th April 2020) to include clarifications on the claim for tax deduction in respect of contributions made by taxpayers associated with COVID-19. Similar clarifications can also be found in the Special Guidelines on Application for Income Tax Deduction for Community / Charity Projects to Curb the COVID-19 Pandemic issued by the Ministry of Finance ["MoF"].

Updates on Special Deduction for Reduction of Rental

To Our Valued ClientsUnder the "Additional Prihatin Rakyat SME Economic Stimulus Package" unveiled by the Government on 6th April 2020, it was proposed that a special deduction be granted to landlords offering reduction of rental to tenants who are Small and Medium Enterprises ["SME"]. To provide further details relating to this, the Ministry of Finance ["MoF"] has thereafter, on 9th April 2020, posted the Frequently Asked Questions ["FAQ"] on Special Deduction to Companies and Entities other than Companies Who Offer Reduction of Rental of Business Premises to SME (in Bahasa Malaysia) on its Official Telegram Channel of "Prihatin Rakyat Economic Stimulus Package".

Latest Update on the IRB's FAQ on Tax Matters during the MCO Period / RMCD's Response to COVID-19 and MCO

To Our Valued ClientsFor your update, the Inland Revenue Board ["IRB"] has on 13th April 2020, made available the Frequently Asked Questions ["FAQ"] on Tax Matters During The Movement Control Order ["MCO"] Period (18th March 2020 to 28th April 2020) to update the consequential changes affecting taxpayers due to the extended MCO period until 28th April 2020 and to provide further clarification on measures announced in "Prihatin Rakyat Economic Stimulus Package".

Latest Update on 2020 Tax Filing Programme and Wage Subsidy Programme

To Our Valued ClientsAs expected by many, the Movement Control Order ["MCO"] period has been further extended, i.e. until 28th April 2020, as announced by the Government on 10th April 2020. At the same time, it is announced that additional sectors (e.g. construction, research and development, etc.) are allowed to operate during the MCO period (subject to approval by the Ministry of International Trade and Industry, upon application).

Latest Update on the IRB's Response to COVID-19 and Movement Control Order and Additional Measures for Prihatin Rakyat SME Economic Stimulus Package

To Our Valued ClientsAs you are aware, the Inland Revenue Board ["IRB"] has on 18th March 2020, issued the Frequently Asked Questions ["FAQ"] on Tax Matters during the Movement Control Order ["MCO"] Period (18th March 2020 to 31st March 2020) in response to COVID-19 and MCO announced by our Prime Minister, YAB Tan Sri Dato' Haji Muhyiddin Bin Haji Mohd Yassin recently. Following the extension of the MCO period to 14th April 2020 and the announcement of the "Prihatin Rakyat Economic Stimulus Package" by the Government of Malaysia, the IRB has on 3rd April 2020, issued the updated FAQ on Tax Matters during the MCO Period (18th March 2020 to 14th April 2020) to address the consequential changes affecting taxpayers during the MCO period from 18th March 2020 to 14th April 2020.

Prihatin Rakyat Economic Stimulus Package

To Our Valued ClientsFurther to the announcement of the "2020 Economic Stimulus Package" a month ago to mitigate the impact of the COVID-19 pandemic, our Prime Minister, YAB Tan Sri Dato' Haji Muhyiddin Bin Haji Mohd Yassin has on 27th March 2020 unveiled the second Economic Stimulus Package known as "Prihatin Rakyat Economic Stimulus Package". The 3 main thrusts of this RM250 billion package are preserving the welfare of the rakyat, supporting businesses and strengthening the country’s economy.

IRB/RMCD's Response to COVID-19 and Movement Control Order

To Our Valued ClientsIn response to the on-going COVID-19 pandemic affecting the nation, the Government of Malaysia has implemented the Movement Control Order ["MCO"] from 18th March 2020 to 31st March 2020 to curb the outbreak. Following this, the Inland Revenue Board ["IRB"] has issued a press statement notifying the closure of all its premises throughout Malaysia during this period. At the same time, the IRB has put in place certain measures to assist taxpayers impacted by the COVID-19 pandemic and global economic downturn to manage their tax compliance matters and ease their financial burden.