NOVEMBER 1 — The Covid-19 pandemic erupted when Malaysia had just begun to implement the 2020 budget. Since then, the short-term priority has been to craft and implement immediate responses to the crisis such as through stimulus packages.
On 6 April 2020, additional measures to the Prihatin ESP amounting to RM10 billion were announced by the Prime Minister. The additional measures are mainly for the benefit of SMEs. To-date, the Government has initiated measures worthRM305 billion to ease the burden of people in light of the Covid-19 pandemic. There has been talk that there may be nothing much for the peoplevin the 2021 budget. There is a need for the Government to re-strategise and re-prioritise to prepare for a budget in a pandemic. Perhaps, some of the initiatives introduced in the earlier stimulus packages can be enhanced or reinforced.
Under PENJANA, incentives to spur capital investment in manufacturing facilities in Malaysia were introduced to attract investors to relocate their businesses into Malaysia by addressing the risk of re-shoring. Under this incentive, a special tax rate of 0% is accorded to new companies with new investments in Malaysia and 100% investment tax allowance for existing companies in Malaysia relocating overseas facilities into Malaysia.
The Covid-19 pandemic saw the closure of many food and beverage outlets. Measures to revive the food and beverage industry are necessary. Consideration can be given to the removal of service tax on food and beverage services for a short duration of time to encourage spending.
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