KPDNHEP minister confident Pemerkasa Plus will improve domestic trade ecosystem performance

Dato Sri Alexander Nanta Linggi — file pic

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KUCHING, June 1: The Pemerkasa Plus aid package worth RM40 billion with fiscal injections of RM5 billion that focuses on three main objectives to spur economic growth announced by the federal government will definitely improve the overall performance of the domestic trade ecosystem especially that of retailers, wholesalers and distributors.

Highlighting this, Minister of Domestic Trade and Consumer Affairs (KPDNHEP) Dato Sri Alexander Nanta Linggi welcomes the new financial aid package initiatives under Pemerkasa Plus announced by Prime Minister Tan Sri Muhyiddin Yassin last night.

“KPDNHEP appreciates the Prime Minister’s trust in the implementation of several initiatives by the Companies Commission of Malaysia (SSM), an agency under KPDNHEP, in the Third Objective: Supporting Business Continuity.

“As such, KPDNHEP will continue to enhance the implementation of the Third Objective with stricter and transparent enforcement to control the spread of the Covid-19 pandemic,” he said in a statement today.

As of yesterday, Nanta disclosed that the KPDNHEP enforcement has carried out inspections at 570,932 business premises nationwide with a commendable compliance rate of 98.49 per cent.

Under the Supporting Business Continuity initiative, he noted that a 90-day extension is given to companies with financial year ending Nov 1, 2020 to Jan 31, 2021 to issue financial statements, hold Annual General Meeting (AGM), submit financial statements and waived of RM100 application fee for an extension of time.

SSM also introduced a 30-day moratorium after the expiry of the total lockdown period for the deposit of statutory documents under the Limited Liability Partnership Act 2012 with late submission fees exempted.

SSM also reduced the compound by 90 per cent of the original value for cancellation of company name applications under Section 549/550 of the Companies Act 2016. In addition, SSM also exempted compounds on renewal delays and business registration delays until Dec 31, 2021.

Regarding the Prihatin Special Grant and Micro Credit Facility, Nanta was optimistic that small and medium enterprise (SME) businesses involved in the manufacturing and distribution industry will welcome this and will improve the performance of their businesses on both physical or online sales.

On the allocation of RM1.5 billion extended to the Wage Subsidy Programme for one month, Nanta believes that this will certainly bring relief to the targeted wholesale and retail industry.

The 10 per cent special discount on electricity bills which is extended for three months between July to September 2021, he added, will also help these two industries.

“Overall, KPDNHEP is confident that Pemerkasa Plus will complement the existing programmes and initiatives under Penjana and Prihatin.

“Pemerkasa 1.0 will definitely help in further accelerating the country’s economic recovery in all sectors and industries, especially through the continuation of domestic trades,” he emphasised. — DayakDaily