Ministry Of Finance: Tax Deductions Allowed For Donations To Covid-19 Fund, Health Ministry
Author Avatar
finance minister tengku dato sri zafrul

(Image: Malay Mail)

The Ministry of Finance has announced that individuals and corporations that donate to the Covid-19 fund and the Ministry of Health will be eligible for tax deductions.

“The government welcomes the generosity of Malaysians, both the rakyat and the corporate sector, in contributing and donating towards addressing the Covid-19 outbreak,” said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

Tengku Datuk Seri Zafrul also acknowledged the contributions made by government-linked companies (GLCs), amounting to a total of RM60 million in the form of medicine and medical equipment. He then encouraged the corporate sector to follow in the footsteps of the GLCs. He cited this as a reason for allowing tax deductions for contributions and donations made to the Covid-19 fund and the Ministry of Health.

(Image: The Star)

The government had set up the Covid-19 fund last week, which was meant to assist patients who have no fixed income during the period of quarantine and treatment for Covid-19.

According to Tengku Datuk Seri Zafrul, this move is part of several additional measures undertaken to better allocate financial resources in a bid to cushion the impact of Covid-19 outbreak. These include cash assistance for employees forced on unpaid leave due to the outbreak, an extended deferment of PTPTN loan repayments, and the withdrawal of up to RM500 per month from the EPF Akaun 2 to ease cash flow problems. Prior to this, the government had already rolled out the Economic Stimulus 2020.

A second economic stimulus is also expected to be announced on 30 March 2020, offering more support to the country’s economy during this trying time.

(Source: The Star, Malay Mail)

4 1 vote
Article Rating


Comments (0)

Notify of
Inline Feedbacks
View all comments
Top Personal Finance News Articles
Post Image
Petrol Price Malaysia Live Updates (RON95, RON97 & Diesel)
The RinggitPlus Team
- 20th October 2021
We provide weekly updates on every Friday at 5pm on the prices of RON95, RON97 and Diesel in Malaysia and a chart that shows the movement of fuel prices across a 6-week period. Bookmark this page now!
Post Image
Shopee Introduces SPayLater, Lets Users Buy Items Now And Pay Later
Alex Cheong Pui Yin
- 18th January 2021
Shopee has introduced a new payment feature that lets its Malaysian users purchase items and pay for them […]
Post Image
Touch n Go RFID: What Malaysian Road Users Need To Know
Jacie Tan
- 10th August 2018
Everyone’s talking about Touch ’n Go RFID being used at Malaysian highway tolls soon – here’s what you need to know about it.
Post Image
Best High Interest Savings Accounts In Malaysia (October 2021)
Pang Tun Yau
- 6th October 2021
Make your money work for you by depositing them into the best high-interest savings accounts in Malaysia!

Related articles

Related Posts Image
Related Posts Image
Related Posts Image

Apple Launches A RM99 Polishing Cloth

Jacie Tan -
2nd February 2021
Related Posts Image