The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) said that the RM150 billion PEMULIH stimulus package is timely and provides much needed relief and financial assistance to ease financial and economic damages on the economy, households, individuals and businesses, helping those hard-hit groups to tide over during this current Phase 1 of lockdown as outlined in the National Recovery Plan.

PEMULIH contains a comprehensive form of assistance to all groups affected by the COVID-19 pandemic. It is hope that the measures can be well executed and the financial assistance be disbursed speedily to achieve the desired outcome.

ACCCIM is pleased that there are cash grant, loan facilities, and various funds for targeted sectors, including loan guaranteed as well as measures to ease operating costs (such as wage subsidy, electricity discounts, rental relief, levy exemption of statutory contributions etc.) for micro business and SMEs to help them coping with the 3Cs (Cash flow, Credit and Costs).

We hope that the 6 months automatic loan moratorium without conditions can include SMEs and mid-tier companies that are badly affected by the pandemic and not allowed to operate during the lockdown. The 6 months moratorium without conditions is applicable to B40, M40 and T20 households and micro entrepreneurs.

ACCCIM also hopes that Minister of Finance can consider the following tax measures to ease the tax payers’ cash flow.

1. Monthly tax instalment payment. Grant extension of tax payments for CP204 (Sdn Bhd) and CP500 (individual) till 31/12/2021 in order to ease the cash flow of businesses; and
2. Final tax payments upon submission of company tax return. To allow the final tax payment if any, to be settled in 4 instalments (4 months) without any penalties being imposed.