ASIA REGULATORY ROUND UP – MALAYSIA LAUNCHES USD57 BILLION COVID-19 SPENDING PROGRAMME AS ASIAN JURISDICTIONS REEL UNDER VIRUS OUTBREAK
March 2nd, 2020
MALAYSIA’S new United Malays National Organisation (UMNO)-dominated government has announced a Malaysian Ringgit MYR250 billion (USD57 billion) spending package to help the economy withstand the Covid-19 epidemic. This includes paying a monthly wage subsidy of MYR600 (USD137) for three months for employers with a 50% drop in business since January 1 for workers with monthly salaries below MYR4,000 (USD915). Human Resource Development Fund (HRDF) levies will be waived for all sectors for six months starting April 2020. And SMEs can defer income tax ...
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