Automotive, plantation, property, tourism and sectors to benefit from Penjana
The automotive, plantation and property sectors are some of the winners from the Economic Recovery Plan (Penjana) announced by Prime Minister Tan Sri Muhyiddin Yassin. Hong Leong Investment Bank (HLIB) Research said that the auto sector is set to benefit from the 100% sales tax exemption for completely knocked-down cars and 50% sales tax exemption for completely built-up units that are imported. The plantation sector is also set to benefit from the complete export duty exemption on crude and refined palm oil and palm kernel oil. With the reintroduction of the Home Ownership Campaign, exemption on real property gains tax (RPGT) and the 70% max financing on a third property acquired lifted, the property sector could also be a beneficiary. The tourism sector also saw measures, such as tourist tax exemption, an extension of sales and service tax exemption for hotels, the extension of personal income tax relief of up to RM1,000 for tourism expenses and the extension for the deferment of tax instalment payments for the tourism industry. As such, the incentives put in place to revive the tourism sector do augur well for the aviation sector, as well as Genting Malaysia Bhd. (The Edge)
DBKL releases SOP for open-air markets and bazaars
Only two members of a family may go to the open air markets and bazaars in Kuala Lumpur at one time and they must be at least 13 years old. Under DBKL’s morning market, open-air market, night market and bazaar SOP for the RMCO, markets in selected areas will be allowed to resume operations in stages starting June 15. Visitors are also only allowed to be in the market for not more than 30 minutes. There will be temperature checks and those with a reading of 37.5°C and above will not be allowed in. Movement in the markets will need to adopt a one-way system with separate entry and exit points, while the maximum number of visitors at one time will be determined by DBKL depending the market’s location. Under the SOP, traders are encouraged to wear face masks, face shields and gloves at all times. (The Star Online)
UDA Holdings aims to diversify further to stay relevant, competitive
Property development and asset management company UDA Holdings Bhd plans to diversify further its businesses to ensure that the government-linked company remains competitive and relevant in the future. Chairman Datuk Jalaluddin Alias said the businesses being looked at would be based on the new normal in order to boost confidence of the public, including business people, amid the Covid-19 pandemic. “Although our main business is property, we are also involved in construction and hospitality which are similarly affected by the Covid-19 pandemic… We will emphasise on food and beverages (F&B) and our asset management businesses while stressing on businesses that are pertinent to the new norm,” he said. UDA Holdings owns four hotels, as well as four shopping malls under the Angsana brand. (NST Online)
Urban farming guidelines should be developed, says Zuraida
Clear guidelines should be developed specifically for urban farming activities, Housing and Local Government Minister Zuraida Kamaruddin said. She said it was important to lay the guidelines to ensure that urban farming are conducted according to agricultural quality standards. She said new urban farming models should be widely introduced to make them more productive thus promoting environmentally sustainable agriculture. In the meantime, she said educational and environmental sustainability programmes optimising existing resources should be implemented to contribute to food security, adding that such programmes were to consider community and non-governmental organisations (NGOs) participation. (Malay Mail)
Singapore and Malaysia talk travel, safety still a priority
Johor Chief Minister Hasni Mohammad has welcomed a move by the federal government to allow Malaysians to commute from Johor Bahru to Singapore for work. He said that this would not only provide relief for workers but would also help to boost the economy in both countries. Singapore’s Ministry of Foreign Affairs (MFA) said on Monday it welcomed Malaysia’s proposal to resume cross-border travel between the two countries. But Singapore National Development Minister Lawrence Wong also warned that before such travel can resume, testing may have to be carried out, a quarantine period may have to be imposed, or a combination of both measures. On Tuesday, Hasni said any resumption of travel would be “light at the end of the tunnel” after almost three months of challenging life for workers. (Channel NewsAsia)
