SUPP Youth Chief, Michael Tiang urges government to reduce tax to assist the corporate and individual

suppadmin | March 28, 2020

SUPP Youth Chief, Michael Tiang welcomed the economic stimulus package unveiled by the Prime Minister which has now extended government’s aid to M40 group, higher education students, employees and single persons.

Tiamg who is also Political Secretary to the chief minister, said nevertheless, the said economic stimulus package should have included a tax relief package that reduces both corporate and individual income tax rates for year 2020.

Stating that the impact of COVID-19 pandemic is global and the same is now a tough blow to the global, national and personal economy, no one and no businesses are free from the economic impact of this virus outbreak. At such difficult times, the federal government can no longer expect to collect tax revenues from corporates and individuals as usual for this year.

“I urge the federal government to further relief the economic burdens of its people by reducing tax rates for both corporates and individuals in order to give the people and corporates more breathing space while battling the outbreak. I would also like to urge the banks not to impose any interests on loans when granting moratorium on loan payments for 6 months. The whole nation is in fact at war against the coronavirus epidemic together. Many businesses have stopped operating and people have stopped working to ensure the Movement Control Order would contain the outbreak effectively. Likewise, the banks should be contributing their “war efforts” by forgoing interests earnings on loans under moratorium to help Malaysians to overcome this unprecedented disaster,” he added.