HAPPY LUNAR NEW YEAR !
HAPPY LUNAR NEW YEAR !
CPA Group Strengthens Its Specialist Tax Team
CPA Group specialises in providing taxation, investment, accounting, incorporation and secretarial services to a broad group of clients, ranging from service related enterprises to construction and manufacturing entities, both local and international.
Our management team comprise of experienced, qualified professionals and retired government servants that are capable of delivering the highest standards of service, in their related areas of expertise.
Mr Ow Chong Fu
Managing Director, CPA Group
Datin Noor Izzah Binti Mansoor
CPA Group Associate Director
Formerly the Johor State Director of Inland Revenue of Malaysia with more than 30 years of experience working in that organisation.
Mr. Sharom Bin Othman
CPA Group Director
He was a former Assistant Director of Inland Revenue Board of Malaysia, attached for 22 years, in the Investigation and Intelligence Department.
Madam Mary Lorette Pereira
CPA Group Associate Director
She served IRB for 35 years in Johor and Malacca. She was a former
IRB Head of Corporate Field Audit (JB Branch) who has extensive tax investigation
and tax audit experience dealing with corporate cases involving all types of companies.
As member of CTIM, she is an experienced speaker for seminars organised by IRBM,
CTIM & MEF.
Ms Ng Lee Chen
CPA Group Executive Director
Acting Head of Department, Accounting
She has more than 20 years of working experience in the field of Accounting, Taxation and Auditing. She graduated from Nelson University New Zealand and is an accredited Chartered Accountant of New Zealand and Malaysia.
Ms. Stephanie Leong
Head of Department
She has more than 12 years working experience in fields of Accounting and Taxation. Graduated from the University of Queensland Australia, she has attended many professional courses related to her expertise.
Mr. Salamat Bin Othman
CPA Group Director
He held various Local Authority positions in the district of Pontian for more than 18 years. He was Chairman for a number of Committees relating to Finance, Licensing, Health and Town Planning.
Dr. Cheah Foo Seong
CPA Group Advisor
Secretarial & Company Law
He was a Consultant, Past President and former Technical Director to the Malaysian Institute of Chartered Secretaries and Administrators
(MAICSA) . A prolific writer, he is author to several books relating to Secretarial & Company Law .
18 cases of fake IRB officers detected from Jan 1 to Feb 9 - 11 Feb 2021
11 FEB 2021 / 12:45 H.
KUALA LUMPUR: As many as 18 cases of syndicate members impersonating as Inland Revenue Board (IRB) officers involving losses of about RM636,311 were reported from Jan 1 to Feb 9 this year.
IRB, in a statement today, said that the information was obtained from cases reported by the media.
“The tactic used by the scammer is to intimidate the victim into panic before forcing the victim to take hasty action by handing over personal and banking details and some even voluntarily make cash payments to members of the syndicate,” the statement said.
To prevent the same thing from recurring, the public has been reminded to verify any dubious calls, emails or letters purportedly from IRB, by contacting the Hasil Care Line at 03-89111000/ 603-89111100 (overseas), or at www.hasil.gov.my or go to the nearest branch.
In addition, the public can also check the modus operandi of the syndicate at http://www.hasil.gov.my/bt_goindex.phpbt_kump=10&bt_skum=1&bt_posi=1&bt_unit=2&bt_sequ=1
As part of efforts to raise public awareness, IRB has also utilised both mainstream and social media in addition to sending official email via email@example.com with infographics as a reminder relating to scammer activities.
“To date, a total of 2,927,400 e-mails have been sent to e-mail addresses in the IRB database and another 814,865 are still in the delivery process,” the statement said. -Bernama
Govt likely to re-introduce GST in Budget 2022- Affin Hwang Capital - 04 Feb 2021
KUALA LUMPUR, Feb 4 — The government is likely to announce the re-implementation of the Goods and Services Tax (GST) at a rate of lower than six per cent in Budget 2022, and roll out the tax regime in 2023, says Affin Hwang Capital.
Its chief economist, Alan Tan said a key factor supporting the possible re-introduction of the GST was that the tax regime would give the government more flexibility to reduce the corporate and personal income tax rates, and hence, make Malaysia a more attractive investment destination.
“One thing that we are supportive of the GST is that it takes revenue from indirect taxation rather than direct taxation, where the government has the flexibility to reduce corporate and personal income tax rates to make Malaysia a more attractive location for investment,” he told a virtual media briefing today.
Tan also agreed that the GST is a broader tax base compared with the current Sales and Services Tax (SST).
According to him, while rolling out the GST, the government would also be looking at supplies issue, such as standard-rated supplies, zero-rated supplies, exemption supplies, as well as setting the right ratio for businesses to register.
“As we know, tax refunds became one of the major issues in the previous GST regime, so we believe the current government will also look at the refund scheme to make it more efficient (this time around),” he said.
Meanwhile, touching on the labour market in the country, Tan said Affin Hwang Capital projected that the unemployment rate will likely improve to 4.0-4.5 per cent by end-2021 from 4.8 per cent registered in November 2020.
He said the expectation is based on the economic situation in 2021, following the COVID-19 vaccine roll-out, favourable external environment and pick-up in private investment in the country.
Malaysia's RM15 billion PERMAI aid package to combat Covid-19 - 18 Jan 2021
Following the implementation of the second movement control order (MCO 2.0), the Prime Minister of Malaysia announced on 18th January 2021, an economic stimulus package worth RM15 billion (“PERMAI”) with 3 main objectives of fighting the Covid-19 outbreak, safeguarding the people’s welfare and supporting businesses continuity.
Please refer to the PM’s speech and infographic of the PERMAI stimulus package.
Click to download the full document.
Implement ‘refund first, audit later’ policy, A-G tells taxman - 11 Dec 2020
source : https://www.freemalaysiatoday.com/category/nation/2020/12/10/implement-refund-first-audit-later-
KUALA LUMPUR: The Inland Revenue Board (LHDN) has been urged to adopt the “refund first, audit later” (ReFAL) concept, which is the process of allowing income tax to be paid first and audited later for tax refund administration.
According to the Auditor-General’s Report (LKAN) 2019 Series 1 tabled in Parliament today, the implementation of ReFAL allowed tax refunds to be made within a stipulated period to avoid compensation payments on delays, as provided for under Section 111D of the Income Tax Act (Act 53).
The audit also recommended that LHDN ensure the allocation channelled by the government was fully utilised for tax refunds for the year of assessment 2017 (YA 2017) and the previous years.
“The audit review found that the tax repayment commitment as at Dec 31, 2019 amounted to RM10.851 billion, involving 1.26 million taxpayers.
“Of that amount, RM3.807 billion (35.1%) was tax refund arrears for YA 2017 and prior years, while RM7.044 billion (64.9%) was for YA 2018 and YA 2019,” according to the report.
This was because LHDN did not fully implement the ReFAL policy, it added.
“The late tax repayment commitment had caused LHDN to bear the arrears in compensation for the delay in income tax repayment (Section 111D of the Income Tax Act (Act 53) amounting to RM38.29 million (as of 2019) for 135,960 cases from YA 2013 to 2019.
“The amount of compensation will continue to increase as long as the tax refunds are not settled within the stipulated period,” the report added.
Tax refunds through the Tax Repayment Fund, established since 2005, consist of tax surplus under the Income Tax Act 1967 (Act 53), Petroleum (Income Tax) Act 1967, Real Property Gains Tax Act 1976, and Stamp Act 1949.
Malaysia begins construction for Singapore-Johor RTS Link - 25 Nov 2020
source : CNA (Channelnewsasia)
Malaysia begins construction for Singapore-Johor RTS Link with groundbreaking ceremony at Bukit Chagar station
JOHOR BAHRU: Malaysia began construction for the Rapid Transit System (RTS) Link project between Singapore and Johor on Sunday (Nov 22) with a groundbreaking ceremony at the site for the Bukit Chagar station.
The event was attended virtually by Johor’s ruler Sultan Ibrahim Iskandar, Johor CrownPrince Tunku Ismail Sultan Ibrahim, Malaysia’s Transport Minister Wee Ka Siong, Johor Chief Minister Hasni Mohammad and other government officials.
During the ceremony, Malaysia officials also announced that 40 per cent of the infrastructure costs borne by the Malaysia government for the project will be set aside for bumiputera contractors, including companies in Johor.
The RTS Link aims to connect Bukit Chagar in Johor Bahru to Woodlands in Singapore, serving about 10,000 passengers per hour each way to help ease traffic congestion on the Causeway. Passenger services is targeted to start from end-2026.
The groundbreaking event marks a major milestone for Malaysia Rapid Transit System (MRTS), the developer and owner of the civil infrastructure for the Malaysian section of the RTS Link.
Budget Highlight 2021 - 17 Nov 2020
Click to go to the full summary of the budget 2021 under taxation service page.
Personal Tax Planning by Dec 2020 - 17 Nov 2020
See what you can benefit from Tax Relief, Tax Deduction, Tax Rebate, Tax Exemption.
Click to go to the full summary of personal tax planning by DEC 2020 under taxation service section.
In-depth study required on reintroduction of GST - 04 Nov 2020
In-depth study required on reintroduction of GST, says Muhyiddin
Wednesday, 04 Nov 2020 05:33 PM MYT
PUTRAJAYA, Nov 4 — Prime Minister Tan Sri Muhyiddin Yassin said the government would study the proposal by various parties including industry players, academicians and members of the public for the goods and services tax (GST) to be reintroduced.
He said it was incumbent on the government to be meticulous in studying the effectiveness of the multi-stage tax system in contrast to the single tier consumption tax applied in Malaysia currently, which is the sales and services tax (SST), and the value-added consumption tax applied by many countries.
“Various aspects including strengths and weaknesses of the current SST, and the GST model that was introduced in 2014 must be taken into account to determine the viability of GST or any consumer tax model prior to it being implemented,” he said.
Muhyiddin said this in an interview with Bernama and local television stations here today.
He said the study was needed to determine the overall impact of such taxes if implemented, on the economy, the people’s cost of living as well as the ability of the taxes to combat black economy.
“I understand that there are those who are of the view that GST is a more efficient tax system and the collection is also bigger than SST. However, we have to study it meticulously.
“The Ministry of Finance had also looked into this matter but has not reached a decision. The government will announce once a decision is made,” he said.
He added that any form of consumer tax that is to be introduced must be simple to administer and not increase business costs. — Bernama
New expat hiring rules to facilitate employment of locals - 29 Oct 2020
New expat hiring rules to facilitate employment of locals, says Saravanan
October 29, 2020 10:43 PM
Human Resources Minister M Saravanan says there will be no interference from the ministry during the interview process for companies wanting to hire expats.
PUTRAJAYA: The new procedure on hiring and re-hiring foreign workers and expatriates, which require employers to advertise the vacancies first on the national employment portal, MYFutureJobs, is to facilitate the employment of local talents and to ensure they are given priority for any job opportunities.
Human Resources Minister M Saravanan in a statement today said the government is very concerned with the unemployment rate in the country especially when about 300,000 fresh graduates are entering the employment market this year.
“All key stakeholders, in particular employers and the relevant associations have been urged to work with the government in supporting the employment of locals especially in this trying time,” he said.
Referring to a statement by The Centre for Market Education (CME) yesterday which warned the new procedure may lead to reduced foreign direct investment (FDI) and less interest from multinational corporations (MNCs), he said it should not be seen as having negative consequences on the flow of FDI into the country.
“It is instead a positive move that has the potential to increase FDIs in the future,” he said.
Saravanan said the ministry fully recognised the need for foreign workers or expatriates for certain industries or certain key posts and by no means will reject such applications, provided there is sufficient justification for such positions to be filled by non-citizens.
He said there are many advantages in hiring Malaysians from a pool of experienced and competent local talents in the market.
“Besides their familiarity with Malaysia’s multi-racial culture and languages, they understand the local market, have local business contacts and connections as well as have an edge in motivating local workers and interacting with customers.
“This will also come in handy when companies plan to expand operations into the Asian region,” he said.
In addition, Saravanan said companies can tap into the National Economic Recovery Plan (Penjana) Hiring Incentives Programme when employing local talents.
“Not only would they qualify for incentives of up to RM1,000 per employee for up to 6 months, but also be able to upgrade the skills of the local talents or reskill them through relevant courses at no cost at all from a list of over 5,000 courses,” he said.
Saravanan said employers will be expected to conduct job interviews to assess the suitability of local job seekers for the position as a pre-condition to apply for foreign workers or expatriates.
He said there shall be no interference from the ministry during the interview process and employers are only required to report the outcome of the job interviews to support their applications for foreign workers or expatriates.
Saravanan said the ministry will be issuing frequently asked questions (FAQs) and application guidelines on the measure before Nov 1.
“Engagement sessions will be held extensively with employers and employer associations to guide them through the process,” he said.
Hiring Incentives and Training Programme - 20 Jul 2020
myxpats entry permission - 20 Jul 2020
A. ENTRY PERMISSION FOR EXPATRIATES WITH AN ACTIVE PASS AND APPROVED PASS APPLICATION WHO ARE ABROAD
B. EXIT MALAYSIA AND RETURN PERMISSION WITH AN ACTIVE PASS WHO ARE IN MALAYSIA
|1.||This is in conjunction with the announcement made by the Government of Malaysia for expatriates as outlined in the Guidelines during the Movement Control Order (MCO) period.|
|2.||We are pleased to inform the latest Guidelines for expatriates and its related passes for the following categories:
|3.||All of the permission above in item A and B is to be sent via email to firstname.lastname@example.org|
|4.||Please refer to Appendix A for a detailed information.|
|5.||Please refer to Appendix B for a List of Approving and Supporting Agencies.|
The Guideline will be EFFECTIVE from 10 July 2020
Note : The information in this document is subject to change depending on the latest update by the relevant Agencies from the Government of Malaysia.
Malaysia and Singapore to reopen border 10Aug subject to conditions - 14 Jul 2020
Source from TheStar
Tuesday, 14 Jul 2020
JOHOR BARU: After a hiatus of almost five months, Malaysia and Singapore are expected to reopen the border to different groups of travellers beginning Aug 10.
In a joint press statement by Foreign Minister Datuk Seri Hishammuddin Tun Hussein and his Singaporean counterpart Dr Vivian Balakrishnan said that both governments have agreed to implement the Reciprocal Green Lane (RGL) and Periodic Commuting Arrangement (PCA).
“These two schemes are meant to address the needs of different groups of cross-border travellers between both countries, ” they said in a statement.
They said that the RGL would enable cross-border travel for essential business and official purposes between both countries.
Eligible travellers will have to abide by the prevailing Covid-19 prevention and public health measures mutually agreed upon by both countries, which include undergoing polymerase chain reaction (PCR) swab tests.
They added that travellers would also be expected to submit a controlled itinerary to the relevant authorities of the receiving country and adhere to this controlled itinerary during their visit.
Meanwhile they added that the PCA would allow residents of Singapore and Malaysia who hold long-term immigration passes for business and work purposes in the other country to enter that country for work.
“After at least three consecutive months in their country of work, they may return to their home country for short-term home leave and thereafter re-enter their country of work to continue work for at least another three consecutive months, ” they added.
They added that travellers would also have to abide by the prevailing Covid-19 prevention and public health measures mutually agreed by both countries.
They said that officials in Malaysia and Singapore were working expeditiously towards the targeted implementation of the RGL and the PCA on August 10.
They added that this would give the opportunity for the relevant agencies of both Governments to continue their consultation to finalise the Standard Operating Procedures (SOP) of the two initiatives.
Malaysia and Singapore also said in the joint statement that both governments have agreed to publish the requirements, health protocols, and application process involved for entry and exit into Malaysia and Singapore 10 days prior to their implementation of the RGL and PCA.
They said that this is being done in recognition of the keen interest of residents in Malaysia and Singapore and to facilitate smooth cross-border flow.
The statement added that Malaysia and Singapore have also agreed to develop other appropriate schemes for the cross-border movement of people including a daily cross-border commuting proposal for work purposes for travellers from both countries, while taking into account the required health protocols and available medical resources in both countries to ensure the safety of the citizens of both sides.
This will allow both sides to progressively restore cross-border people-to-people interaction and economic exchanges.Malaysia closed the border on March 18, when the movement control order was implemented.Only a few hundred lorries ply the two land crossings with Singapore daily.
myBSN - SME Digitalisation Initiative - 01 Jul 2020
GOVERNMENT INCENTIVE FOR SMEs BUILDING DIGITAL COMPANIES
For the 2020 Budget, the government is actively encouraging more local businesses to advance rapidly into the field of technology.
Thus, as an incentive, the Government will provide a 50% matching grant of up to RM5, 000 to each SME to embrace digitalisation in their daily operations. This matching grant was valued at RM500 million over a period of 5 years, is restricted for the first 100,000 eligible SMEs which apply to upgrade their systems.
The government’s Ministry of Finance (MOF) is collaborating with 3 bodies, namely Bank Simpanan Nasional, SME Bank and Malaysia Digital Economy Corporation (MDEC) to manage the approval of the grant given to eligible Small & Medium Enterprises (SMEs).
Subject to the engagement by SMEs from a panel of service providers approved and listed by MDEC, the key digitalization areas that has been identified by the government for adoption are:
ELECTRONIC POINT OF SALES (e-POS) SYSTEM
HR PAYROLL SYSTEM/CRM
ERP/ACCOUNTING & TAX
- The company must be at least 60% owned by Malaysian.
- The company is registered under the relevant laws of Malaysia
- The SME has been in operation for at least one (1) year
- If the Company’s is in operation for one (1) year, it must have a minimum annual sales turnover of RM 100,000.
- If it is in operations for more than two (2) years, company must have a minimum annual sales turnover of RM 50,000 (preceding two (2) consecutive years).
For more detailed information, please refer this BSN leaflet below:
List of approved vendors can be found in below URL:
Short-Term Economic Recovery Plan June - 05 Jun 2020
Short-Term Economic Recovery Plan June – December 2020
On the 5th June 2020, the Prime Minister announced that the country was on the verge of entering into its 4th phase of 6 key steps , namely, “ Resolve, Resilience, Restart, Recovery, Revitalize and Reform”, of its proactive plans to “protect lives, support businesses and strengthening the nation’s economy during the current Covid 19 pandemic”.
Therefore, in carrying out the 4th phase, the Prime Minister unveiled a set of 40 Government initiatives in its booklet outlined in its Short Term Economic Recovery Plan (June – December 2020 ) .
The Plan drew details of 3 key areas of government strategies which provide incentives to employers and employees, boost businesses and stimulate the economy.
Accordingly , we are happy to share these 3 strategies for your reference below.
PENJANA - Empower the People - 05 Jun 2020
PENJANA - Propel Businesses - 05 Jun 2020
PENJANA - Stimulate the Economy - 05 Jun 2020
Covid-19 effects won't impact 12th Malaysia Plan, says Tengku Zafrul - 07 May 2020
Covid-19 effects won’t impact 12th Malaysia Plan, says Tengku Zafrul
By Bernama – May 7, 2020 @ 10:26pm
The 12th Malaysia Plan (12MP) is not currently seen as being negatively impacted by the effects of the Covid-19 pandemic, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. – File pic
PORT KLANG: The 12th Malaysia Plan (12MP) is not currently seen as being negatively impacted by the effects of the Covid-19 pandemic, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He said this was because the 12MP, which covers the 2021-2025 period, was a long-term economic plan and the government was also studying a targeted economic recovery plan which would be tabled at the end of this month.
“It (12MP) is a long-term economic plan which spans five years. Therefore, the effects of COVID-19 shouldn’t affect the 12MP.
“Nonetheless, the 2021 Budget, which is expected to be announced in October or November, should take into account current economic factors,” he told a media conference after a working visit to the Royal Malaysian Customs Department’s Northport office here today.
Asked on which aspects would be given focus when preparing the 2021 Budget, Tengku Zafrul said the government would stress more on efforts to revive the country’s economy.
He said in the wake of the Covid-19 pandemic, the government had drafted a six-phase plan to improve the economy, and during the tabling of the Budget, the economy would be in the Revitalise phase.
“The 2021 Budget tabling is viewed as coming under the fifth phase, which is the period for revitalising the economy,” Tengku Zafrul.
The first phase, Resolve, took place when the government started implementing the Movement Control Order (MCO).
This was followed by the Resilience phase (when the government announced the Prihatin package to assist the people and the economic sector) and then Restart, which means restarting the economy.
“It will take at least a month to see the effects (of the Restart phase),” he said.
The fourth phase in the 6R plan is Recovery.
“Hence the government’s plan at the end of this month is to announce a six-month economic recovery plan, which is on how we can restore the country’s economy,” he said.
After the fifth phase (Revitalise) that comes next, the plan will end with the Reform phase.
On the economic growth forecast for the year, Tengku Zafrul reiterated that the Gross Domestic Product (GDP) performance was expected to be lower than Bank Negara Malaysia’s forecast of -2 to 0.5 per cent growth announced on April 3.
He explained that the central bank’s projection was based on the early implementation of the MCO, before the government made further extension of more than two weeks.
“For this year, everything will depend on how we tackle the Covid-19 pandemic. We have begun reopening the economic sectors in stages and this is hoped, more or less, to help mend the country’s economy.
“The faster we tackle the pandemic, the faster we can rebuild our economy,” he said. –
IMF: Malaysia's GDP to grow 9% in 2021, fastest among ASEAN-5 countries - 15 Apr 2020
IMF: Malaysia’s GDP to grow 9% in 2021, fastest among ASEAN-5 countries
The International Monetary Fund (IMF) has projected Malaysia’s real gross domestic product (GDP) to grow at a rate of 9% next year, the fastest among the ASEAN-5 countries which are expected to see a combined GDP growth of 7.8%
The International Monetary Fund (IMF) has projected Malaysia’s real gross domestic product (GDP) to grow at a rate of 9% next year, the fastest among the ASEAN-5 countries which are expected to see a combined GDP growth of 7.8%.
Besides Malaysia, ASEAN-5 includes Indonesia, Thailand, the Philippines and Vietnam which are set to expand by 8.2%, 6.1%, 7.6% and 7%, respectively.
For 2020, the Washington-based organisation forecast Malaysia’s economy to contract 1.7%, as the ASEAN-5 GDP shrinks 0.6%.
The IMF’s latest 2021 projection for Malaysia is higher than Fitch Ratings’ growth forecast of 5.8%.
Global growth is expected to rebound to 5.8% in 2021, well above trend, reflecting the normalisation of economic activity from very low levels, said the IMF in a report released yesterday.
It projected -3% global growth for 2020, which is largely affected by COVID-19 pandemic.
“The advanced economy group is forecast to grow at 4.5%, while growth for the emerging market and developing economy group is forecast at 6.6%,” it said.
In comparison, in 2010 global growth after the global financial crisis rebounded to 5.4% from -0.1% in 2009.
However, the rebound in 2021 depends critically on the pandemic fading in the second half of 2020, allowing containment efforts to be gradually scaled back and restoring consumer and investor confidence, the IMF said.
Significant economic policy actions have already been taken across the world, focused on accommodating public health care requirements, while limiting the amplification to economic activity and the financial system.
The projected recovery assumes that these policy actions are effective in preventing widespread firm bankruptcies, extended job losses, and system-wide financial strains.
Nonetheless, the level of GDP at the end of 2021 in both advanced and emerging market and developing economies is expected to remain below the pre-virus baseline.
As with the size of the downturn, there is extreme uncertainty around the strength of the recovery.
“Some aspects that underpin the rebound may not materialise, and worse global growth outcomes are possible — for example, a deeper contraction in 2020 and a shallower recovery in 2021 — depending on the pathway of the pandemic and the severity of the associated economic and financial consequences.”
Posted on : 15 April 2020
Economic activities to fully rebound by Q3 this year: MIER - 23 Apr 2020
Economic activities to fully rebound by Q3 this year: MIER
Economic activities including trade and investment are expected to fully rebound by the third quarter of 2020 (Q3) and further strengthen through 2021 under the Malaysian Institute of Economic Research’s (MIER) best-case scenario
Economic activities including trade and investment are expected to fully rebound by the third quarter of 2020 (Q3) and further strengthen through 2021 under the Malaysian Institute of Economic Research’s (MIER) best-case scenario.
Under MIER’s worst-case scenario, production and trade will rebound but only up to 96 per cent -98 per cent by Q4 2020 and into Q1 2021 as well, said the think-tank’s chairman Tan Sri Dr Kamal Salih.
“For both scenarios, we take into account the government’s PRIHATIN total stimulus package of RM260 billion, with the supposition that only 20 per cent of the non-fiscal injection (RM225 billion) will be realised into new capital formation across the economy,” he told an online press conference on the MIER National Economic Outlook 2020/2021 Report today.
Kamal said MIER anticipates Malaysia’s real gross domestic product (GDP) in 2020 to grow by 3.8 per cent relative to 2019 or -0.29 per cent from the 2020 baseline, in line with both Bank Negara’s and World Bank’s expectations.
“In contrast, under the MIER worst-case scenario, real GDP is projected to contract by one per cent relative to 2019 and -4.9 per cent relative to the 2020 baseline.
“For both scenarios, the PRIHATIN stimulus is likely to cushion the decline in GDP by as much as RM50 billion or 3.6 per cent of projected best-case scenario GDP in 2020,” he added.
Meanwhile, MIER projects the Malaysian economy to grow further in 2021 by 4.3 per cent and 5.2 per cent in the best-case and worst-case scenarios respectively, or in real value terms 8.23 per cent and 4.1 per cent higher respectively than the 2019 levels.
“With new capital-technology injection and productivity increases, there is scope for a larger GDP growth in 2021 should the Covid-19 pandemic subside in Malaysia and world-wide, particularly within Malaysia’s main trading regions,” Kamal said.
Posted on: 23 April 2020
MICRO-i KREDIT PRIHATIN By BSN - 20 Apr 2020
Operation Standard Guideline by MITI - 18 Apr 2020
Employer Must Pay Worker’ Wages During the Restricted Order Period - 19 Mar 2020
Customs Malaysia extends 31/03/20 due dates of SST submission to 15/04/20 - 17 Mar 2020
Socso Benefits - EIS, ERP, WSP - 10 Apr 2020
IRB Announces Additional 2 Months Grace Period For Filing Tax Returns in 2020
SSM Announces Moratorium for 2 Weeks after 31st March 2020 & No Late Filing Fees
NEW INITIATIVE-RAISE THRESHOLD DEBT BY SSM