SMEs, RETAILERS, & MALLS REQUEST FOR BUDGET 2021 TO BE REVISED TO PREVENT BUSINESSES FROM SHUTTING DOWN

Published by Kevin Chong @ 20/11/2020

In a joint statement between Malaysia Retail Chain Association, SME Association of Malaysia, Bumiputra Retailers Organization, and Malaysia Shopping Malls Association, are requesting of the Government to revise the national Budget to provide more comprehensive assistance to ensure business sustainability during the pandemic. 

With the growing number of small and medium-sized enterprises (SMEs) shutting down despite the numerous economic stimulus packages such as PRIHATIN and PENJANA being handed out by the Government, the associations fear that the number of business casualties will continue to rise to an unprecedented number and eventually lead to significant loss of employment for the rakyat

The associations are collectively proposing the following to address the shortcomings of the Budget in response to the immediate challenges posed by the pandemic crisis: 

  1. Tenant Relief Assistance through Financial Assistance to Shopping Mall Owners and Landlords 
  2. Waiver of Statutory Payment for Businesses
  3. Targeted Tax Incentive for Retail and Tourism Spending
  4. Protecting Businesses through The Temporary Measures for Reducing the Impact of Coronavirus Disease 2019 (Covid-19) Act 2020 ("COVID-19 Act")
  5. Extension of Wage Subsidy Program
  6. Tax Relief for Safety and Hygiene Expenditures 
  7. Extension of Bank Loan Moratorium
  8. 'Travel Bubble' Program to restart Tourism Industry
  9. COVID-19 SOP Compliance Certification for Retail and Restaurant Premises 

"We believe that our proposal above is representative of the urgent need of this consortium of associations in response to the Budget and based on the current economic and health crisis. We trust in the wisdom of the Government to formulate policies and strategies to support the business ecosystem in Malaysia during this crisis," said the associations in the statement.