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Highlights of the 2020 Economic Stimulus Package

March 23, 2020
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Highlights of the 2020 Economic Stimulus Package

By Rafidah Mohd Noor 

On 27 February 2020, the government announced the 2020 Economic Stimulus Package (ESP) under the theme “Bolstering Confidence, Stimulating Growth & Protecting Jobs”. A sum of RM20 billion has been allotted for mitigating the impact of Covid-19, spurring “rakyat”-centric economic growth and promoting quality investments.

The ESP sets out three strategies to assist businesses dealing with the impact of the Covid-19 pandemic:

  • Mitigating the impact of Covid-19;
  • Spurring “rakyat”-centric economic growth; and
  • Promoting quality investments.

Tax measures and non-tax measures have been introduced under each of the strategies as follow:

Mitigating the Impact of Covid-19

Spurring “rakyat”-centric economic growth

Promoting quality investments

Others

This ESP comprises short, medium and long-term measures to stimulate economic growth by driving higher private consumption, increasing import substitution with local products, assisting industries to mitigate the Covid-19 outbreak and safeguarding the wellbeing of the rakyat. For more information relating to the ESP, please click on this link:

https://www.treasury.gov.my/index.php/en/budget/pre2020.html

Rafidah Mohd Noor is a Manager of the Financial Reporting & Capital Market Unit, Professional Practices & Technical.