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.
