Covid-19 & MCO: Tax relief proposals for SMEs
April 3, 2020
(April 3): The Movement Control Order (MCO) has affected all of us, something which we all accept as necessary to curb the spread of Covid-19. The restricted movement during this period undoubtedly causes an impact on the economy.
It is notable that 98.5% of business establishments in Malaysia are small and medium enterprises (SMEs), where they are regarded as the backbone of the economy, according to SME Info.
SMEs contributed 38.3% to the national GDP in 2018 and 66.2% of the total employment in Malaysia, according to the Department of Statistics and SME Corp. The restriction of movements in many countries has placed the economy in a state of distress due to the suspension of business and industrial operations.