EY Tax Alert (Special Edition) – Additional stimulus measures announced, mainly for SMEs
Small and medium enterprises (SMEs) are the backbone of the Malaysian economy, contributing almost 40% of the nation’s Gross Domestic Product (GDP) and employing two-thirds of the Malaysian workforce. Further to the announcements on 27 February 2020 and 27 March 2020 of the Economic Stimulus Packages (ESPs) totalling RM250 billion, various interest groups had requested the Government to provide additional support in certain areas, especially to the SMEs.
The Government has considered the feedback and announced on 6 April 2020 an additional RM10 billion stimulus package to support businesses, particularly the SMEs. In this article, some of the key measures proposed in the additional stimulus are discussed.
