Malaysian government launches Malaysia One Business Development Program

In order to revive the economy, the Malaysian government is planning to launch a series of business expansion plans. As a Chinese crane manufacturer, Dongqi Crane attaches great importance to the Malaysian government's every move in the economic field. Whether it is in the service industry or in the field of infrastructure construction, when the economy develops to a certain scale, it will be an opportunity for Dongqi Crane to improve. It is also an opportunity for the rest of the world's crane suppliers. Below are the details of the Malaysian Government Business Plan

"Nanyang Siang Pau" reported on February 22 that Malaysian Prime Minister Ismail Sabri revealed that the government will launch a 40 billion ringgit Малайзия business development plan (SemarakNiaga) as part of the overall strategy of the 2022 Budget. In part, to assist the recovery of the business sector, especially micro and small and medium-sized enterprises. The plan includes:

1. In order to encourage micro and small and medium enterprises to move towards a sustainable and low-carbon business model, the government will assist micro and small and medium enterprises to match financing funds with a loan interest rate of up to 5% per annum and a loan amount of up to MYR 5 million with a term of up to 10 years.

2. The Micro and Informal Financing Program of the Venture Group Business Fund (TEKUN) can give priority to providing loan assistance to micro and informal business fields under the financing terms. The loan interest rate is zero, and the loan amount is up to 10,000 MYR. Up to 5 years, and lenders can defer repayments for up to 6 months at the maturity of the loan.

3. National Savings Bank can provide micro-loans under financing terms. The loan interest rate is zero interest for the first 6 months, and then 4%. The loan amount is up to 75,000 ringgit, with a term of up to 5 years, and when the loan expires , borrowers can defer loan repayments for up to 6 months.

4. Agricultural Bank of China can provide micro-loans under financing terms. The loan interest rate is zero interest for the first 6 months, and then 3%. The loan amount is up to 75,000 MYR, with a term of up to 5 years, and when the loan expires , borrowers can defer loan repayments for up to 6 months.

5. The Malaysian Co-Investment Fund (MyCIF) will provide matching funds, while Bank Malaysia Investments can enhance alternative financing through stock-based crowdfunding and person-to-person (P2P) financing platforms.

6. The government will launch the SME Digital Grant Scheme and increase the total fund of the SME Digital Grant Scheme to MYR 200 million.

7. The government will introduce Smart Automation Matching Grants to provide grants for the manufacturing and service industries that automate their business.

8. Bank Negara will provide targeted loan assistance facilities to provide assistance and recovery support to affected businesses or small and medium-sized enterprises, with a loan interest rate of up to 3.5% per annum (including guarantee fees) and a loan amount of up to RM500,000 , the term is up to 7 years (including the loan repayment period), and when the loan expires, the borrower can defer the loan repayment for up to 6 months.

9. The government will provide a business expansion plan loan program for businesses producing agricultural-based food products with a loan interest rate of up to 3.75% per annum (including guarantee fees), a loan amount of up to RM5 million, and a term of up to 8 years.

10. Under the financing terms, the Agricultural Bank of China can provide financing plans for micro-enterprises affected by the new crown pneumonia epidemic. The loan interest rate is zero interest rate for the first 6 months, and then 3%. The loan amount is up to MYR 500,000, and the term is long. Up to 8 years, and the borrower can defer repayment for up to 6 months when the loan expires.

11. Under the financing terms, the government will give priority to providing loan assistance to informal and micro businesses with a zero interest rate, a loan amount of up to RM10,000, and a term of up to 5 years (including the loan repayment period). At maturity, borrowers can defer loan repayments for up to 12 months.

12. The government will launch the i-Tekad social financing assistance program to provide initial capital, micro-loans and technical training for merchants and micro-enterprises.

13. The government will launch the Indian Entrepreneur Development Program to facilitate micro-financing for Indian entrepreneurs and strengthen the socio-economic status of the Indian community.

14. The government will improve the Commercial Financing Guarantee Scheme to assist companies that previously had difficulty obtaining new financing, and increase the Commercial Financing Guarantee limit to RM10 billion. At the same time, the government will restructure and arrange financing facility guarantees of up to 80% for a period of 36 months, with financing guarantees up to MYR 20 million, and a 12-month loan repayment facility.

15. The government will launch the Temanita financing program to provide financing funds for women entrepreneurs affected by the epidemic through TEKUN.

16. The government will launch a women's fund to provide financing funds for women entrepreneurs affected by the epidemic through Mara.

17. The SME Bank and the Bumiputera Agenda Leadership Unit and the National Savings Bank will jointly launch business financing through equity and quasi-equity investments.

18. Bank Negara Malaysia will launch an equity support and recovery plan to assist companies facing balance sheets.

19. Bank Negara will launch a corporate recovery fund to assist indebted companies with a loan interest rate of up to 3.5% per annum (credit financing) and dividends (determined by equity financiers), with a loan amount of up to RM5 million.

20. National Enterprises Limited (PERNAS) will launch a business training and mentoring program and a franchise financing program, providing training, business mentoring and a financing program with zero interest rate for the first 6 months for entrepreneurs interested in becoming a franchise.

21. Bursa Malaysia is responsible for improving the Voluntary Carbon Market Initiative.

22. The National Savings Bank and the Agricultural Bank of China will launch a financing plan for young entrepreneurs to provide financing plans for young entrepreneurs.

23. The National Savings Bank will launch a financing fund for sports facilities entrepreneurs to provide sports facilities entrepreneurs with zero interest in the first 6 months and a financing fund that can delay loan repayment for 6 months.

24. The National Entrepreneurship Unit (PUNB), the National Venture Group Business Fund and the Indigenous Prosperity Fund will be responsible for capacity building and business financing programmes.

25. The government will launch the "My Startup" initiative, which will be implemented in a phased manner, benefiting more than 2,500 companies and creating 5,000 jobs.

26. The government will launch a temporary assistance fund for short-distance buses.

27. The Government will introduce the Aviation Matching Grant to provide grants for Indigenous SMEs to explore business opportunities in the aviation sector.

28. The Rubber Research Institute of Malaysia (RRIM) will introduce and expand the use of Hydrobest technology to small farmers through matching grants to improve the socio-economic status of small farmers in the B40 group.

29. The government will launch a network of government-linked companies (GLCs) to provide a collective fund of RM5 billion to assist entrepreneurs through initiatives such as advisory services and financial support.

30. The government will provide individual tax relief and tax deductions for booster-related expenses to employers who are vaccinated at their own expense.

31. The government will provide an incentive of RM900 per month for 6 months to employers who employ school leavers and graduates aged 18 to 30 as apprentices.

32. The government will continue to provide rainy season aid to ease the living burden of 320,000 small farmers who lost their income during the rainy season.

33. Companies that provide scholarships to students of higher education institutions regardless of subject are entitled to double tax deductions.

34. In order to increase the participation of anchor companies in the development of local bumiputera suppliers, the double deduction limit for eligible operating expenses will be raised from RM300,000 to RM500,000, and extended for 5 years to 31 December 2025 .

35. The government will allocate funds to implement small farmers' oil palm planting stimulus measures and respond to the international anti-palm oil movement

36. The government will continue to implement the Co-operative Movement Economic Transformation Programme (TRANSFER) to support the commercial activities of co-operatives, and the Co-operative Council of Malaysia will provide programmes such as food truck commercial locations in major urban areas.

37. A special initiative by the government to assist Bursa Malaysia-listed companies to obtain additional capital infusions in the form of equity or other related vehicles through SPVs held by the government.

38. The government will continue to provide subsidies and incentives for seeds, fertilizers, prices and rice production, including subsidies for upland rice fertilizer and fish catch.

39. The government will extend the tax deduction for store renovation and decoration costs limited to 300,000 ringgits until December 31 this year to facilitate stores to follow standard operating procedures for epidemic prevention, such as ventilation equipment.

40. Companies registered with Safe@Work can enjoy an additional tax deduction of up to RM50,000 for staff dormitory rental fees, and the period will be extended for one year.

41. The government will provide special assistance measures to boost entrepreneurs, and micro and small and medium enterprises can defer the payment of income tax for up to 6 months until June 30. Meanwhile, the government will allow all businesses to revise their estimated tax payable for the 11th month of the year of assessment 2021 until October 31, 2022. In addition, building or commercial space owners who offer at least a 30% rental discount are eligible for tax relief. Accumulated losses that businesses cannot absorb can be extended from the current maximum continuous 7-year tax year to 10-year tax year.

42. The government will extend the Additional Reinvestment Allowance (EPS) for up to two years for Malaysian companies whose EPS and special EPS qualifying periods have expired, bringing the total EPS period to five years.

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