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Malaysia: Tax provisions in economic stimulus package
Malaysia: Tax provisions in economic stimulus package
The interim prime minister on 27 February 2020 announced the economic stimulus package for 2020.
In brief, tax measures proposed in the economic stimulus package concerning income tax:
- Deferral of tax installment payments for tourism sector, as relief related to coronavirus situation
- Revision of income tax estimates
- Special individual (personal) income tax relief on domestic travel
- Accelerated capital allowance for machinery and equipment including information and communications technology equipment
- Special tax deduction for the establishment of regional offices by international shipping companies
- Deduction and capital allowance provisions on personal protective equipment, provided to employees
Regarding the indirect tax measures in the economic stimulus package are the following proposals:
- A 100% stamp tax (duty) exemption on loan restructuring and rescheduling arrangements
- Service tax exemption for hotels and similar establishments
- Import customs duty and sale tax exemptions on equipment and machinery for port operators
- Expansion of value added tax (VAT) relief for activities conducted in licensed manufacturing warehouses and industrial zones
- Review of the conditions for duty-free goods purchased by persons entering Malaysia
Read a February 2020 report [PDF 573 KB] prepared by the KPMG member firm in Malaysia
