Hello Grasshoppa,
During the recent PM announcement, many expected him to announce on whether the MCO is over or not but that 1-hour long announcement did not mention anything related to the extension but rather it covers our National Economic Revitalisation Plan. This pandemic is taking a toll on everyone & in a blink of an eye, everything started to change. We started to see people losing their jobs while public areas are quieter. Currently Malaysia unemployment rate is at 3.9% it is expected to hit 5.5%. The government aims is to reduce the impact of unemployment, attract investors & to boost our tourism.
How Will The RM35 Billion Economic Revitalisation Plan Benefit Malaysians?
Wage Subsidy
RM600 subsidy will be extended for an additional 3 months for business that are not allowed to operate with less than 200 workers.
Employment Incentive Program
This program is worth RM1.5 Billion and it is to encourage employers to hire unemployed workers & youth. RM800 for 40 years & below & RM1000 for 40 years old above & OKU.
Short Course Subsidy For The Unemployed
I personally find this good especially many can use this to take different short course out there. The course subsidiary is RM600 but they have yet to announce the platform for the short course.
Tax Incentive For Housing Purchase
Stamp duty exemption will be given to house purchase between RM300,000-RM2.5 Million. With this you are able to save 2% for housing price between RM300,000 to RM500,000 & save 3% for housing price above RM500,000. SPA date must be between 1st June 2020-31st May 2021.
Real Property Gains Tax (RPGT) Exemption
If you are looking to sell your house, you are able to get an exemption for up to 3 houses between 1st June 2020-31st May 2021.
Income Tax Relief For Workers That Work From Home
If you are working from home, good news. You will be getting RM5000 tax relief.
Unlimited Travel Pass For Public Transport
With RM30 per month, you will have unlimited travel for public transport under Prasarana. This include Rapid Bus & Rapid Rail from 15th June 2020-31st December 2020.
Sales Tax Exemption For New Vehicle Purchase
100% tax exemption for local build cars & 50% tax exemption for import cars. If you have been surveying for a new car, now is the right time to head to the gallery before 31st December 2020.
Other Benefits
Tax Rebate for parents for expenses related to their children.
RM300 one-off payment for OKU before Hari Raya Aidiladha.
Free 1GB Internet between 8am-6pm every day until 31st December 2020.
RM50 Credit into selected E-Wallets
RM1000 Tax Relief for Tourism
Conclusion :
The world is fighting against this pandemic every day with the frontliners & medical scientist are working hard to solve this pandemic. Each country is trying its level best to help their citizens & the Malaysian Government is no exception. The National Economic Revitalisation Plan will definitely help Malaysians to solve some unemployment issues. During this trying time, it is vital for all Malaysians to stay united together & support each other.
OSS!
