The Malaysia Shopping Malls Association hopes that the government will provide urgent relief to the local shopping mall industry. These include measures such as suspension of all statutory contributions such as EPF, SOCSO and EIS, and speedier refunds of overpaid taxes.
PPKM President Tan Sri Teo Chiang Kok told BFM News, they also request for income tax installments to be suspended temporarily.
“Firstly to suspend tax installments until the end of the year for both companies and individuals, this will help the immediate cash flow problem but in view of the expected long recovery period the govt should look to reduce the applicable tax rate for this year, perhaps halving the tax rate would be possible”
The Malaysia Shopping Malls Association hopes for government intervention for the local shopping mall industry, with measures including the waiver of Assessments, Quit Rents and Business License fees. President Tan Sri Teo Chiang Kok told BFM News, Putrajaya should also suspend temporarily, the statutory contributions of employees in the industry.
“To waive the contribution to EPF, Socso, EIS, HRDF for this year. Apart from EPF the other funds are basically insurance funds and to date there are adequate reserves to meet the foreseeable draw times and these funds can withstand the waiver of contributions for this year. The waiver of these contributions would put much needed cash in the pockets of the companies and employees”
The Malaysia Shopping Malls Association urges the government to help preserve the cash flow for businesses and individuals, amid the Movement Control Order period. President Tan Sri Teo Chiang Kok told BFM News, the association hopes this can be addressed during the economic stimulus package which will be announced today.
“I think the most important objective of the govt stimulus package is to enable business to survive so that layoffs are kept to minimum and nobody goes hungry or desperate. For businesses the key immediate need is to have a positive cash flow and a reduction of cost of doing business, for the individual it is important that there is cash for sustainence”
The government has been urged to consider subsidising lost wages, that is a portion of the salaries paid by employers to employees, during the Movement Control Order period. Malaysia Shopping Malls Association President, Tan Sri Teo Chiang Kok told BFM News, Putrajaya should emulate the efforts of the Canadian and UK government, to help the local mall industry.
“The UK and Canadian governments have already announced subsidizing 70-80% of salaries paid by businesses to employees this is to enable businesses to avoid laying off employees and have the full capacity to operate the business”
Teo adds, another measure is to waiver assessment, quit rent and business license fees.
“To keep cost of doing business to the minimum and preserve cash for both the companies and individuals we propose to waive off assessment quit rents all licenses and fees for businesses and antecedent activities associated with business eg restaurant license, halal license, overtime operating hours license, advertising license,premise license signboard license etc”
Malaysia Shopping Malls Association hopes that Putrajaya will take measures to aid the local mall industry, such as double tax deduction of all salaries of employees in the sector. President Tan Sri Teo Chiang Kok told BFM News, this includes allowing any foregone rental, to be written off as allowable expenses.
“The government to provide funds equivalent to half the rental forgone due to rental rebates. This is sharing the burden by all stakeholders landlord tenant and government to ensure businesses can be sustained, survive and provide employment”