cheng & co · 2020. 4. 27. · m o f u p d a t e o n i m p l e m e n t a t i o n o f e c o n o...

UPDATE OF

ECONOMIC STIMULUS PACKAGE

www.chengco.com.my

(MOF updated on 21 April 2020)

IN ONE GLANCE

M O F U P D A T E O N I M P L E M E N T A T I O N O F E C O N O M I C S T I M U L U S P A C K A G E

A GLANCE ON ECONOMIC STIMULUS PACKAGE IMPLEMENTATION

Malaysian Government has announced several Economic

Stimulus Package (ESP) on 27 February, followed by 27 March,

and additional package on 6 April 2020, to cater Covid-19

global pandemic impact on business and economy.

Recently, the Ministry of Finance has presented the update on

ESP which focus on 3 mains goal of protecting the people,

providing business support & strengthen the economy.

The Government realized the importance of SMEs and micro-

business where this sectors contributing nearly 40% to the

country's GDP and generating over 7 million and is committed to

supporting businesses in this challenging time.

The key updates are special relief funds, wage subsidies, micro-

credit lending schemes, and employer advisory services.

Source: https://www.facebook.com/tzafrulaziz/photos/pcb.126270159022739/126269332356155/?type=3&theater


SPECIAL GRANT SCHEME

▪ Inland Revenue Board (IRB) will be handling

the application of Special Prihatin Grant of

RM 3,000 for SMEs w.e.f 1 May 2020.

▪ SME may validate its SMEs status for free, by

visiting following link

https://smereg.smecorp.gov.my/reg/

operated by SME Corp.


https://smereg.smecorp.gov.my/reg/


EMPLOYER ADVISORY SERVICES

▪ Employment Provident Fund (EPF) will be

providing employer advisory services

effective from 24 April 2020.

▪ Among the available service are deferred

EPF contribution for eligible SMEs.



WAGE SUBSIDY PROGRAMME

▪ SOCIAL SECURITY ORGANISATION (SOCSO)

has been approving application from

159,000 employer for almost 1M

employees with subsidies worth RM1.2B

and payment has been credited since last

week.



MICRO-CREDIT SCHEME

▪ BANK SIMPANAN NASIONAL (BSN) & TEKUN

Nasional had approve more than RM 45M

interest-free credit scheme for 1,500 SMEs.

900 application comes from BSN and 600

from TEKUN.



LAM KWAI SOON, TAX DIRECTOR

LAM KWAI SOON, TAX DIRECTOR

Mr. Lam Kwai Soon joined Cheng & Co in year 2004. He is a qualified accountant with

ACCA qualification. He is also a member of Malaysian Institute of Accountants (MIA),

the Chartered Tax Institute of Malaysia (CTIM) and Certified Financial Planner (CFP).

Having more than 15 years of working experience in taxation, he handles tax

planning consultancy on organization restructuring, tax incentives, mergers and

acquisitions etc. His tax experience is on wide range of businesses such as

manufacturing, trading, hotels, agriculture and etc. Apart from dealing in company

tax and personal tax, Mr Lam is actively involved in tax audit and tax investigation

cases.

Mr. Lam is also a GST agent on advising the clients for the GST preparation，

implementation and compliances in Malaysia. He is also frequently giving GST talks，

conducting public programs and in-house trainings for GST.


JACK WONG WAI YING, SENIOR TAX MANAGER

JACK WONG WAI YING, SENIOR TAX MANAGER

Ms Jack Wong joined Cheng & Co in year 2012. She was graduated

from University Tunku Abdul Rahman in year 2006. Besides, she is trained

by the GST Division of Royal Malaysia Customs. Before she joined Cheng

& Co, she was working in Deloitte KassimChan Tax Services Sdn Bhd. She

is having more than 7 years of working experience is taxation, Her tax

experience is on wide range of businesses such as manufacturing,

trading, hotels, agriculture and etc. she is now mainly involved in tax

compliance cases.


PAUL WONG POH WAT, TAX ADVISORY MANAGER

PAUL WONG POH WAT, TAX ADVISORY MANAGER

Mr. Paul Wong Poh Wat, Tax Advisory Manager of Cheng & Co Taxation Sdn. Bhd.

He is an Associate member of the Chartered Tax Institute of Malaysia (CTIM) and

GST Tax Agent approved by Ministry of Finance.

He specializes in both direct and indirect Malaysian in the tax compliance, tax

advisory and transfer pricing exercises for various industries such as manufacturing,

trading, hotels, healthcare services, telecommunication services, aviation industry

and etc.


TAY LEE HOON, EXECUTIVE DIRECTOR

TAY LEE HOON, EXECUTIVE DIRECTOR

Ms Tay Lee Hoon joined Cheng & Co in year 2004. She is chartered accountant

and tax agent. She is also a member of Malaysian Institute of Accountants (MIA)

and the Chartered Tax Institute of Malaysia (CTIM).

She has 15 years of experiences in management consultancy such as

restructuring, turnaround, loan application, grant and tax incentive application,

Taiwan IPO, Malaysia IPO, business valuation, finalization of account etc.

M O F U P D A T E O N I M P L E M E N T A T I O N O F E C O N O M I C S T I M U L U S P A C K A G E32

CONTACT US

C U S T O M E R S E R V I C E C E N T R E

WISMA CHENG & CO

No. 16-G, Jalan 2/114,

Kuchai Business Centre,

Off Jalan Klang Lama,

58200 Kuala Lumpur.

t: 603 7985 9999

f: 603 7980 0191

e: [email protected] OR

[email protected]

For more information, please visit:

www.chengco.com.my


DISCLAIMER

© 2020 Cheng & Co Taxation Sdn. Bhd., a company incorporated under Malaysian Companies Act 1965.

All right reserved. No part of this publication may be reproduced or transmitted in any form or by any

means, including photocopying and recording without the written permission of the copyright holder.

Such written permission from the publisher must be obtained before any part of this publication is stored in

a retrieval system of any nature.

The Cheng & Co name and logo are registered trademarks.

The information contained herein is of a general nature and is not intended to address the circumstances

of any particular individual or entity. Although we endeavor to provide accurate and timely information,

there can be no guarantee that such information is accurate as of the date it is received or that it will

continue to be accurate in the future. No one should act upon such information without appropriate

professional advice after a thorough examination of the particular situation.

cheng & co · 2020. 4. 27. · m o f u p d a t e o n i m p l e m e n t a t i o n o f e c o n o...

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