Highlights of M'sian govt's additional stimulus measures to drive growth

KUALA LUMPUR (March 17): The Malaysian government today announced additional stimulus measures to oil the wheel of economic growth. The government has introduced an additional stimulus package worth RM20 billion. 

The following are the extra measures:

• PM: Allocation for small infrastructure works for G1 to G4 contractors raised from RM2.5b to RM5b
• Govt gives RM200 monthly aid to civil servants involved in National Covid-19 Immunisation Programme
• Govt to raise allocation for National Covid-19 Immunisation Programme to RM5 bil from RM3 bil previously
• Govt says 12-month waiver on listing fees for those requesting to list on Main Market, ACE Market and LEAP Market
• Govt allocates RM700m for three-month extension of wage subsidies to sectors affected by MCO, including tourism
• Govt to give extra tax breaks for workers' premises and accommodation to companies in manufacturing industry, limited to RM50,000 per company.
   
  • Companies must be registered with MITI and pass compliance audit under Safe@Work. Application opens April 1.
• Govt to increase smart device subsidy for B40 households with at least one child in school to RM300, for purchase of smartphones or other devices
• Registration fee under Companies Commission of Malaysia waived for B40 groups and full-time students in higher learning institutions
• Three-month extension of 10% electricity bill discount till end-June 2021, to cost govt RM135m
• RM300m allocated via BSN for loans up to RM50,000, with interest reduced to 3%, from 3.5%
   
  • Loan tenure is for five years, with payment to begin on the sixth month
• Govt offers one-off special assistance grant of RM3,000 for over 5,000 tourism agencies registered with MOTAC
   
  • In addition, govt offers one-off cash assistance of RM600 for homestay owners registered with MOTAC
• Govt pledges no more full Movement Control Order (MCO), instead to focus on localised MCO and related clusters
• Tax cut for employee Covid-19 screening costs now covers spending up until Dec 31, 2021
• Govt allocates RM1.2b to help those suffering from loss of income, comprising RM500 one-off payments to B40 and for Bantuan Prihatin Rakyat recipients earning RM1,000 and below
• PM: TEKUN MobilePreneur initiative expanded to include purchase or repairs of motorcycles up until RM10,000. Purchase of CKD motorcycles of 150cc and below are given excise duty exemption from April 1 to Dec 31, 2021.
• Govt allocates RM30m to help women entrepreneurs shift their business online
• PM: TEKUN Pos-Preneur initiative introduced for delivery drivers, with funding of up to RM20,000 for vehicle repairs, and RM50,000 for purchase of vans or lorries
• eBelia credit to be increased from RM100 to RM150 to encourage cashless transactions among those aged 18 to 20 years, and higher education students
• PM: RON95 petrol and diesel to have fixed ceiling price of RM2.05 and RM2.15 per litre respectively   

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