KUCHING, March 28: The federal government must consider extending the economic stimulus package to include a tax reduction for corporate and individuals.
Sarawak United Peoples’ Party (SUPP) Youth chief, Michael Tiang, said during this time of crisis, the federal government can no longer expect to collect tax revenues from both corporate and individuals for this year.
No individuals or businesses are free from the impact of this outbreak, as it is generally known that Covid-19 has become a global issue, he added.
“I urge the federal government to further relief the economic burdens of its people by reducing tax rates for both corporate and individuals in order to give them a 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 six months,” he said in a statement.
Tiang added that the whole nation are fighting the coronavirus outbreak together, which caused many businesses to stop operating and the people stopped working, in complying with the Movement Control Order (MCO).
He said likewise, the banks should also contribute their “war efforts” by forgoing interests earnings on loan under moratorium to help Malaysians to overcome the unprecedented disaster.
“I welcome the economic stimulus package unveiled by Prime Minister Tan Sri Muhyiddin Yassin, which has now extended government’s aid to the M40 group, higher education students, employees and single persons.
“Nevertheless, the said economic stimulus package should have included a tax relief package that reduces both corporate and individual income tax rates for the year 2020,” he continued. — DayakDaily
