The landlords who offer their premises to SME’s at reduced rates (at least 30% less) can continue to enjoy extended tax cut till March next year—The Finance Minister Zafrul Tengku shared this information.
He further stated that this tax deduction was first announced in March 2020, which ended in September. This incentive would help SMEs to overturn the effects of the Conditional Movement Control Order. Tengku Zafrul shared these thoughts during his Budget 2021 winding-up speech.
Finance Minister also revealed some additional measures that are meant to help other sectors like agriculture. This involves the allocation of RM80mil to Natural Disaster Fund for affected sectors. The special fund would be beneficial for a wide range of affected people i.e. aquaculture operators, padi farmers, farms, livestock breeders, and fishermen.
According to Tengku Zafrul, fishermen play an important role in the development of the fishing industry and the overall economy. Malaysian government is also aware of the hardships faced by smallholder rubber farmers who got affected due to natural disasters and commodity price decline.
To help rubber farmers, the government will pay RM300 a month in the shape of “Rainy Season Aid.” The amount will be paid to qualified rubber farmers on three different occasions-(December 2020, January 2021 and December 2021). It would help over 300,000 rubber tappers and smallholder rubber farmers. Hence, the government is planning to continue this program for the next year.
Tengku Zafrul also stated that the Finance Ministry has also shown its consent to streamline the housing allowance rate. This would benefit civil servants in Sarawak and the Peninsular. The reason for this is the fact that housing allowance for civil servants in Sabah is much higher, as compared to Sarawak and the peninsular.
Tengku Zafrul further explained that his ministry reviewed this aspect in April last year. However, the ministry is now agreed to review and streamline the housing allowance rate.