31 October, 2019
Food Donors Protection Bill 2019
The Dewan Rakyat passed a Food Donors Protection Bill 2019 (“Bill”) on 9 October 2019 to encourage the public to donate food without the fear of being sued as well as to support the Government's proposed Food Bank Programme.
The Bill seeks to provide for the protection from civil liability to any person who donates or distributes food without receiving payment or any form of consideration (“Food Donors”).
“Food Donors” are defined in the Bill to include any corporation, partnership, enterprise, association, government entity, manufacturer, supplier, wholesaler, retailer, hypermarket, supermarket, hotel, restaurant, caterer, agricultural producer, charitable institution, charitable organisation, foundation or other organisation or entity and its director, agent, or employee, or volunteer.
The protection afforded under the Bill is however not absolute and Food Donors can be liable if the following four conditions are proven:
- the personal injury, disease or death was caused by the negligence or wilful misconduct of the Food Donor;
- the Food Donor had not complied with any requirement in relation to food safety and food hygiene under any written law prior to donating or distributing the food;
- the food was not safe for consumption at the time it was donated or distributed to any person; and
- the donation or distribution of food was not made in good faith.
Highlights of Budget 2020 affecting financial services sector
On 11 October 2019, the Budget 2020 was tabled by the Minister of Finance before the Malaysian Parliament (the “Budget”). Amongst the highlights to the Budget relating to financial services sector are as follows:
- The Government will offer a one-time RM30 digital stimulus to qualified Malaysians, aged 18 and above with annual income of less than RM100,000, who own an identity-verified e-wallet account with selected service providers. This is to increase the number of Malaysians, participating merchants and Small Medium Enterprises (“SMEs”) who use e-wallets. The redemption can be made and used for a two-month period commencing from 1 January 2020 until 29 February 2020.
- Bank Negara Malaysia is finalising the licensing framework for digital banks to be issued by year end for public consultation. The final framework will be issued by the first half of 2020 to invite applications.
- The Government will further allocate RM50 million to My Co-Investment Fund (“MyCIF”) under the Securities Commission Malaysia to leverage equity crowdfunding and peer-to-peer platforms to help finance the underserved SMEs.
- Tax incentives given to venture capital and angel investors will be extended until year 2023 to encourage more alternative sources of funding for start-ups companies and attract more foreign investment to Malaysia.
- Bank Negara Malaysia is proposing a two-phase restructuring plan for development financial institutions to form a new financial institution through the merger of Bank Pembangunan Malaysia, Danajamin Nasional, SME Bank and the Export-Import Bank of Malaysia.
- the existing tax deduction on the cost of issuance and additional deduction on sukuk issuance costs under the principle of Wakalah will be extended for a further five years until the year of assessment 2025.
- the existing tax deduction on the cost of issuing sustainable and responsible investment (“SRI”) sukuk will be extended for a further three years until the year of assessment 2023.
- it is proposed that the stamp duty remittance of 50% for instrument of transfer of real property between parent and child, and vice versa, is limited to Malaysian citizens only.
- it is also proposed that the maximum stamp duty on foreign currency loan agreements be increased from RM500 to RM2,000. This will apply to foreign currency loan agreements executed from 1 January 2020.
For further information, please contact:
Putri Noor Shariza Noordin, Partner, Shearn Delamore & Co
shariza@shearndelamore.com
