PUTRAJAYA – The government through the Cooperatives Commission of Malaysia (CCM) has allocated an initial assistance of RM1 million for cooperatives affected by the recent floods, with an allocation of up to RM30,000 each.
Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar said the assistance would cover repair work for flood-damaged infrastructure at agricultural, plantation, and livestock sites run by the cooperatives.
Noh also announced in a statement today an initiative to reduce the percentage cooperatives are required to transfer to the Statutory Reserve Fund from their audited net profits after operating adjustments from 15% to 8% to help them restore their businesses.
He said the initiative is provided to cooperatives operating from the financial year of December 31, 2021 to November 30, 2022.
Noh said CCM is also allowing the postponement of account audits due to the destruction of accounting documents in the floods.
“This postponement also does not rule out the possibility that the cooperatives will also have to postpone the annual general meeting to a period to be determined later,” he said. – Bernama, December 27, 2021
