Development financial institutions seek lower or subsidised stamp duty on Budget 2021 wishlist

KUALA LUMPUR, Sept 12 — Development financial institutions (DFIs) in Malaysia are calling for the government to decrease or subsidise the stamp duty on financing contracts and hire-purchase agreements in the upcoming Budget 2021.

This was among the proposals presented to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz during a dialogue session organised by the Association of Development Finance Institutions of Malaysia (ADFIM) in collaboration with Bank Pembangunan Malaysia Bhd (BPMB) yesterday.

ADFIM members also sought an allocation from the government for their empowerment agenda to help in the long-term development of Covid-19-affected entrepreneurs and individuals as well as to promote the national economic landscape, the association said in a statement today.

The main purpose of the dialogue session was to gather information, views, proposals and suggestions from ADFIM members as inputs for Budget 2021 for the Finance Ministry’s consideration to ensure the economic recovery is on track.

The event was attended by top management representatives from DFIs such as Small Medium Enterprise Development Bank Malaysia Bhd, BPMB, Bank Simpanan Nasional, Bank Pertanian Malaysia Bhd, Bank Kerjasama Rakyat Malaysia Bhd and Export-Import Bank Malaysia.

Also present were members of the top management of entrepreneur development organisations such as Credit Guarantee Corporation Malaysia Bhd, Malaysia Technology Development Corporation, Perbadanan Usahawan Nasional Bhd as well as representatives from Bank Negara Malaysia. — Bernama

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