The Employees Provident Fund (EPF) is extending the date for employers to remit their mandatory contribution for the months of September 2020 until December 2020, from the 15th to the 30th of each month respectively.
Source from: KWSP website
https://www.kwsp.gov.my/-/extension-of-september-december-2020-contribution-payment-date
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Today the government announced additional funds under the Bantuan Prihatian Nasional or BPN 2.0. Now the BPN 2.0 can be made checked on the official portal of bpn.hasil.gov.my. This additional assistance will be channelled directly to previously eligible BPN recipients. The new application can be made starting October 14 2020, for those who are not eligible and want to apply.
Please refer to the official payment schedule below :
The cash can be claimed only after the serial number exists on the BPN 2.0 at https://bpn.hasil.gov.my/
For those who do not have a bank account or CREDIT FAIL status, you need to make a cash claim at the nearest BSN branch. And for rural recipients in Sabah and Sarawak, payment will be made in cash starting January 2021. The cash can be claimed after the serial number exists on the BPN 2.0 at https://bpn.hasil.gov.my/
The BPN 2.0 status can be checked on October 15. If you forget your password, you are asked to contact the LHDNM Revenue Care Line (HCL) at 03- 89111000 (for account reset action and security questions) or call the nearest LHDNM Branch / PKH / UTC.
Apart from BPN 2.0, the government also announced the extension of the Program Subsidi Upah and Geran Khas Prihatin to ease the burden of employees and employers that are affected by COVID-19.
In February 2020, the Malaysian government issued an emergency stimulus package worth US$4.8 billion to counter the economic impact of the corona virus (COVID-19) outbreak.
The package implements strategies that include spurring economic growth, promoting investments, and encouraging businesses to adopt automation and digitization in their processes.
The government has devised a number of measures to mitigate the short-term impact of the COVID-19 outbreak, aimed primarily at the tourism industry. Below are some of the key features.
The government has asked financial institutions to provide financial relief to borrowers by rescheduling or restructuring loans, as well as offering payment moratoriums. There will be a 100 percent stamp duty exemption arising from these rescheduling, restructuring, or moratoriums. The exemption is given from March 1, 2020, until December 31, 2020.
Bank Negara Malaysia (BNM), the country’s central bank, will provide 2 billion-ringgit (US$453 million) worth in loans for small and medium-sized enterprises (SMEs). The funds will be distributed through commercial banks at an interest rate capped at 3.75 percent per annum.
Each SME will be eligible to receive up to 1 million ringgit (US$226,000) with a tenure of 5.5 years – this includes a 6-months payment moratorium. The government will provide banks with an 80 percent guarantee on the loans.
Moreover, the government has prepared a 200 million ringgit 500 million ringgit (US$43 million) micro-credit scheme for small businesses in the tourism industry.
Travel agencies, hotels, airlines, as well as businesses in the tourism industry, will be given a deferment of their monthly tax installments for six months starting April 1, 2020. Hotels will also be exempt from service tax from March 1, 2020, until August 31, 2020.
To support the tourism industry, the government has allocated US$113 million in the form of:
A special income tax relief worth 1,000 ringgit (US$226) is available to individuals for expenses on domestic tourism from March 1, 2020, to August 31, 2020.
This is limited to entrance fees for tourist attractions and expenses on accommodations at premises registered with the Ministry of Tourism, Arts, and Culture.
The government will provide 100 million ringgit (US$45 million) to help businesses affected by COVID-19 to upgrade the skills of its workers. This includes for sectors, such as retail, hospitality, and tourism in addition to electrical, electronic, and automotive manufacturing.
Another 50 million ringgit (US$11 million) will be provided to finance short courses, in particular, to improve the digital skills of employees, and 20 million ringgit (US$4.5 million) will be allocated to fund short courses for employees in the manufacturing sector.
The package aims to spur economic growth by boosting household income and implementing ‘people-centric projects’.
The Employee Provident Fund (EPF) is a compulsory saving and retirement plan for private-sector workers in Malaysia. Employees usually contribute between 11 percent to seven percent from their monthly salary. This has now been reduced to four percent, potentially increasing cash in the hands of households by some 10 billion ringgit (US$2.2 billion).
Low-income households will begin receiving a monthly payment of 200 ringgit (US$45) scheduled for May to be paid in March. Families will also receive an additional one-off payment of 100 ringgit (US$22).
The government has allocated 2 billion ringgit (US$450 million) for infrastructure projects, such as maintaining roads, bridges, streetlights, drainage systems, and water supplies, among others, at the federal, state, and local government level. This is aimed at assisting small-scale contractors and encouraging economic activities.
From this budget, 200 million ringgit (US$45 million) is assigned to the repair and maintenance of housing and public amenities whereas 150 million ringgit (US$33 million) will go towards the maintenance of alternative electricity and water supply in rural areas.
BNM has allocated a loan scheme for SMEs involved in the food production industry totaling 1 billion ringgit (US$226 million).
The loan scheme is available for a period of eight years at 3.75 percent interest; an eligible SME will able to receive 5 million ringgit (US$1.1 million).
In addition, the government will allocate 40 million ringgit (US$9 million) to help SMEs in the agriculture sector. This fund will be used to enable SMEs to sell their products on e-commerce platforms and therefore to a larger pool of consumers.
Some 500 million ringgit (US$113 million) will be available for early stage and growth stage Malaysian companies. This fund will be co-funded by the government and the private sector.
A total of 300 million ringgit (US$68 million) in loans has been prepared for SMEs looking to digitalize or automate their business. The financing can be used to help purchase hardware, software, and other IT solutions and services, in addition to equipment and machinery.
Eligible SMEs can receive up to 3 million ringgit (US$679,000) with the tenure offered up until 10 years.
This incentive is exclusive for port operators who need to import machinery or equipment, used in port operations. The incentive is valid from April 1, 2020, to March 31, 2023.
The Securities Commission and Bursa Malaysia will waiver listing fees for companies seeking to list on the LEAP or ACE market. This waiver is valid for a 12-month period. The incentive is also open to companies with a market capitalization of less than 500 million ringgit (US$113 million) seeking to list on the Main Market.
SSM GOT A REPORT ON THE 25 AUGUST 2020 ABOUT A MONEY LENDING COMPANY IS USING SSM NAME TO PROMOTE THEIR BUSINESS AND SERVICES.
SSM WILL NOT BE RESPONSIBLE FOR ANY MONEY LENDING ENTITIES OR GIVING CREDIT TO ENTREPRENEURS AND WARNS ALL THE ENTITIES THAT LEGAL ACTIONS WILL BE TAKEN AGAINST ANY PART WHO USES SSM NAME OR LOGO WITHOUT ANY PERMISSION.
SSM DESIRE PEOPLE IN GENERAL TO CONSISTENTLY BE CAUTIONS BEFORE LEADING ANY EXCHANGE OFFERED BY ANY BUSINESS SUBSTANCE INCLUDING CASH LOANING BUSINESS ELEMENTS TO MAINTAIN A STRATEGIC DISTANCE FROM ANY ISSUES.
Geran Khas PRIHATIN (GKP) adalah bantuan kewangan secara one-off
berjumlah RM3,000 kepada Perusahaan Kecil & Sederhana (PKS) mikro
yang berkelayakan bagi meringankan beban kewangan perniagaan mereka
yang terjejas akibat wabak COVID-19
SYARAT-SYARAT YANG DITETAPKAN ADALAH SEPERTI BERIKUT;
CARA PERMOHONAN :
KAEDAH BAYARAN :
KAEDAH BAYARAN Jumlah nilai Geran Khas PRIHATIN adalah RM3,000 yang akan dibayar
secara one-off.
Permohonan Geran Khas PRIHATIN dibuka mulai 1 Mei 2020 hingga 15
Mei 2020.
Pemohon boleh menyemak keputusan permohonan bermula pada minggu
pertama Jun 2020.
Permohonan boleh dibuat secara dalam talian melalui Portal GKP yang disediakan oleh LHDNM.
Sila klik di sini untuk ke Portal GKP PORTAL GKP
Boleh muat turun dokumen dibawah untuk ketahui maklumat selanjutnya.
Panduan Pengguna Daftar GKP Download
Source : Jabatan Penerangan Malaysia
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Tax Identification Number or TIN will be assigned to all Malaysians above the age of 18, as well as corporate entities
It is said by Finance Minister Lim Guan Eng that in the beginning of January 2021 the TIN initiative will be started and to implement this initiative, engagement sessions with all stakeholders will commerce next year.
To improve efficiency of management of taxpayer appeals, the Special Commissioner of Income Tax and Customs Appeal Tribunal will be merged by the government which would be operational in 2021.
Taxpayers who are dissatisfied with the Inland Revenue Board director-general or the Customs Department director-general’s decisions may submit a tax-related appeal under all applicable tax laws to the Tax Appeal Tribunal
source : www.nst.com.my
As an effort to increase the usage of online payment (e-payment).Starting from 1st September 2019, Employers will have to go online to submit the Form CP39 or statement of monthly tax deduction (MTD) to the Inland Revenue Board of Malaysia (IRBM) and would no longer accept manually submitted Form CP39 (statement of monthly tax deduction), compact disk (CD/ DVD), flash drive and diskette as well as cash and cheque payments of the MTD from employers.
For submission of the statement of MTD or employees MTD data for the month of August 2019 and for subsequent months, Employers may only use the e-PCB, e-Data PCB or e-CP39 methods provided through the ezHasil sub-menu on IRBM’s official portal www.hasil.gov.my
source : www.thestar.com.my
Great news for the following four industries as there will be no need to pay service tax starting from 1st September 2019!
(a) Logistics Management services of transportation management services
(b) Tourism Management Services
(c) Amusement Park Services
(d) Cleaning Services operated via Coin Operated Laundry Machine (COLM)
Source from : www.mysst.customs.gov.my
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Inland Revenue Board is instructed by the government to extend the first phase of the Special Voluntary Declaration Programme (SVDP) by three months to June following encouraging feedback from taxpayers.
The SDVP is part of the government’s tax reforms to encourage taxpayers to voluntarily declare their income and subsequently reduce leakage of government revenue, announced in the 2019 Budget.
Taxpayers who have overseas account and taxable income in Malaysia but have yet to report to the IRB are focused on.
Finance Minister Lim Guan Eng stated that the IRB had received 381,979 voluntary tax declarations as of March 31.
Now the SVDP’s second phase, of which penalty rate is 15 per cent on the amount of tax payable, will now be shifted to the three months of July 1 to September 30.
This means effective October 1, the IRB will revert to slapping penalty rates ranging between 80 per cent and the maximum of 300 per cent, as provided for in the existing tax laws.
SDVP allows for individual taxpayers to make voluntary declarations of unpaid taxes for the years up to 2017. As for corporates, the SDVP is applicable for financial years up to March 2018 stated by Finance Minister Lim Guan Eng.
The minister assured that under the SDVP, the IRB will receive every declaration with open hearts and will not audit or undertake investigative measures.
The SDVP is seen as a opportunity for affected taxpayers to avoid future scrutiny from the taxman by allowing for reduced penalty rates.
http://www.hasil.gov.my/bt_goindex.php?bt_kump=4&bt_skum=1&bt_posi=1&bt_unit=1&bt_sequ=1&bt_lgv=2