Subject: Tax Measures Highlights under Short-Term Economic Recovery Plan (YYC Newsletter)

YYC Newsletter 22/07/2020
Tax Measures under Short-Term Economic Recovery Plan (PENJANA)
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The Government has announced the Short-Term Economic Recovery Plan (“PENJANA”) which includes 22 tax measures that assist to ease the burden of companies as well as individual taxpayers. 

Highlights for Businesses
  1. Tax Relief for COVID 19 Related Expenses (PPE)
  2. Flexible Work Arrangement (FWA) Incentives
  3. Relaxation on the fulfilment of Conditions on PROTÉGÉ READY TO WORK scheme
  4. Tax Deduction on Renovation and Refurbishment Expenses
  5. Extension of Accelerated Capital Allowance
  6. Extension of Special Tax Deduction on Rental Reduction
  7. Income Tax Rebate For New SMEs
  8. Tax Incentives for Company Relocating into Malaysia
  9. Additional Reinvestment Allowance
  10. Deferment of Tax Installment Payments (CP204)
  11. Exemption of Service Tax on Accommodation
  12. Remission of Penalty for Late Payment of SST
  13. Sales tax exemption for purchase of passenger cars
  14. Stamp Duty Exemption for SMEs
  15. Financial relief for agriculture, food, commodity sectors
Highlights for Individuals
  1. Individual tax exemption of up to RM5,000 for ICT equipment received from employer
  2. Additional individual tax relief of up to RM2,500 for purchase of gadget
  3. Individual tax relief of RM1,000 for local travel
  4. Individual tax relief for childcare expenses of up to RM3,000
  5. Stamp Duty Exemption under Home Ownership Campaign (HOC)
  6. RPGT exemption for disposal of 3 units of residential home per individual
  7. Tourism tax exemption of RM10 per day

Watch the Facebook Live Session recently conducted by YYC regional directors which covered the 22 Tax Measures
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