On 31 May 2021, our honorable Prime Minister, Tan Sri Dato’ Muhyiddin Yassin, unveiled the PEMERKASA+ package worth RM40 billion. The PEMERKASA+ package focuses on 12 strategic initiatives to enhance public healthcare capacity, continue the welfare agenda for the people and to support business continuity.
Amongst others, the business initiatives include:
Apart from the above non-tax measures, we also summarise below the highlights of the proposed key tax measures for your attention.
In addition, as one of the efforts to reduce the cash flow burden on businesses, the Malaysian Inland Revenue Board ("MIRB") will consider appeals on penalties and the deferment of payment of penalties to 2022. The MIRB will also provide rescheduling of payment of outstanding taxes for affected taxpayers and businesses.
The text of the speech can be accessed via the above link.
Should you have any questions or require further clarification, please do not hesitate to contact any of our Executive Directors, Directors, Associate Directors or Managers whom you are accustomed to dealing with or who are responsible for the tax affairs of your organisation.
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 on such information without appropriate professional advice after a thorough examination of the particular situation.
Tai Lai Kok
Head of Tax