Malaysia Economic Stimulus Package 2020 - How Using BBX is an Advantage

Tips how buying with BBX and its partners can help your business through this stimulus package

Main Aim: Ensuring the economic risks associated with COVID-19 is effectively addressed & the Malaysian economy remains on strong foundations

Budget Allocated: RM 20 Billion

 

Easing Cash Flow

For a period of 6 months from April to September 2020:

  • Businesses in the tourism sector allowed to defer monthly income tax instalment payments
  • Companies affected are allowed to revise their profit estimates for 2020 with respect to monthly income tax instalment payments without penalty
  • Providing 15% discount for monthly electricity bills to hotels, travel agencies, airlines, shopping malls, conventions and exhibition centers
  • Human Resource Development Fund (HRDF) levies exempted for hotels and travel-related companies

The government will provide financing facilities for affected companies:

  • Bank Negara Malaysia to provide a Special Relief facility worth RM 2 Billion in the form of working capital for SMEs at interest rate 3.75%
  • Bank Simpanan Nasional to allocate RM 200 Million in microcredit facility at 4% interest rate

We offer BBX support packages for tourism related companies that sign up with BBX to increase revenue, cashflow and business – E.g. Corporate Gifts, Hotel Refurbishing, Wines & Spirits, Property Management, Staff Training & Development, IT Support & Maintenance.

Inclusive of a BBX referral program to reward members who are reaching out to the tourism sector to provide support.

 

Assistance for Affected Individuals

  • One off payment of RM 600 to taxi drivers, tourist bus drivers, tourist guides and registered trishaw drivers
  • Special monthly allowance for frontliners in handling COVID-19 commencing February 2020 until the end of the pandemic
  • RM 400 for medical doctors and other medical personnel
  • RM 200 for immigration and related frontline staff
  • The government will provide double deduction on expenses incurred on approved tourism-related training and up to an additional 40,000 employees from the tourism and other affected sectors
  • RM 50 Million in allocation to subsidize short courses in digital skills and high-skill courses, expected to benefit 100,000 Malaysians
  • Enhanced Employment Insurance System (EIS)

Employers are encouraged to further invest in increasing productivity of human capital in the tourism sector during this period of economic slowdown.

Enhance your team’s education and organize extra training during these quiet times – Hire a BBX trainer/mentor or upgrade your company’s E-Learning tourism related programs with an experienced BBX business consultant.

 

Stimulating the Tourism Sector

  • Personal income tax relief of up to RM 1,000 on expenditure related to domestic tourism
  • Digital vouchers of up to RM 100 for Malaysians, to be used for domestic flights, rail travel and hotel accommodation, with RM 500 Million allocated including for tourism promotion
  • Relaxation of existing guidelines limiting use of hotels by government agencies

Enroll a BBX business consultant to help you target tourism stimulus payments.

E.g. Run a competition in your various tourism venues offering a BBX holiday prize to increase cash patronage

E.g. Run a Facebook/Instagram campaign offering a BBX prize draw each week to your customers spending over RM 500.

 

Ensuring the economic risks associated with COVID-19 is effectively addressed starts with you! Together, we are stronger!

Covid-19 BBX Rescue Package: https://info.bbxworld.com/covid19_rescue_package

Referral Program: https://global.bbxworld.com/referral-campaign-launch

 

BBX Malaysia Team

Categories