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Published on Monday, June 15, 2020

Malaysia unveils RM1 billion tourism financing scheme



 






Malaysia's tourism, arts and culture minister Nancy Shukri has outlined some of the relief measures for the tourism sector in a RM1 billion financing package.


It is part of Malaysia's RM35 billion short-term economy restoration plan, known as 'Penjana' recently announced by the Prime Minister.


It follows concerns by tourism players over several weeks that more needs to be done to help prop up the tourism industry.


"The initiatives announced by the PM show that he is concerned about the grouses raised by those who had come to me personally. He is also very concerned about those in the creative, entertainment and events industry," the minister said.


Various tax incentives and deferrals are being offered under the Penjana package.


Tour agencies, hoteliers and airlines have been offered an additional three-month tax holiday extension until the end of 2020.


All companies have been given a full exemption of tourism tax until mid-2021 and exemption of service tax for all accommodation providers.


Additionally, the RM1,000 tax relief to encourage Malaysians to take domestic trips has been extended until December 2021.


Full details of the RM1 billion financing package will be issued by Bank Negara Malaysia next month.


The Association of Tourism Attractions Penang has welcomed the relief measures but says the government must allow attractions to open now to start generating revenue.


If this doesn't happen soon, loans and tax incentives will be useless as businesses will be forced to close for good, said ATAP president Ch'ng Huck Theng.







Malaysia's tourism, arts and culture minister Nancy Shukri has outlined some of the relief measures for the tourism sector in a RM1 billion financing package.


It is part of Malaysia's RM35 billion short-term economy restoration plan, known as 'Penjana' recently announced by the Prime Minister.


It follows concerns by tourism players over several weeks that more needs to be done to help prop up the tourism industry.


"The initiatives announced by the PM show that he is concerned about the grouses raised by those who had come to me personally. He is also very concerned about those in the creative, entertainment and events industry," the minister said.


Various tax incentives and deferrals are being offered under the Penjana package.


Tour agencies, hoteliers and airlines have been offered an additional three-month tax holiday extension until the end of 2020.


All companies have been given a full exemption of tourism tax until mid-2021 and exemption of service tax for all accommodation providers.


Additionally, the RM1,000 tax relief to encourage Malaysians to take domestic trips has been extended until December 2021.


Full details of the RM1 billion financing package will be issued by Bank Negara Malaysia next month.


The Association of Tourism Attractions Penang has welcomed the relief measures but says the government must allow attractions to open now to start generating revenue.


If this doesn't happen soon, loans and tax incentives will be useless as businesses will be forced to close for good, said ATAP president Ch'ng Huck Theng.

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