What will the funds collected by Tabung Harapan Malaysia be used for?

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Tabung Harapan Malaysia Funds Designated for National Debt Repayment

The funds collected by Tabung Harapan Malaysia (THM) are earmarked for the repayment of the nation's debt. As of July 25, the crowdfund had amassed over RM162 million, with more than RM10 million originating from international donors. The Ministry of Finance established THM to provide a channel for patriotic Malaysians to contribute to the nation's economic recovery.
Contribution to National Debt Reduction

The primary purpose of Tabung Harapan Malaysia is to directly address the national debt. While the collected sum of over RM162 million is substantial, it is acknowledged that this amount will not be sufficient to clear the entirety of the inherited national debt, which includes liabilities from past projects and scandals. The crowdfund was initiated following an instance where a citizen approached the Prime Minister's Office with a personal contribution, expressing a desire to help reduce the national debt, which then inspired the broader initiative.
Broad Donor Base and Continued Collection

Donations to THM have come from a diverse range of contributors, including both individuals and corporations. As of a recent count, there were 289,002 donors, facilitated by 189,087 online transactions. The collection period for these funds has not yet been finalized by the federal government, as donations continue to be received on a daily basis from various parties, both domestically and from abroad.
Tax Incentives for Corporate Donors

Companies that choose to contribute to Tabung Harapan Malaysia are eligible for tax relief. This incentive is provided under Subsection 44 (6) of the Income Tax Act 1967. This provision allows for tax deductions on the total amount donated to the government, encompassing contributions made to THM, thereby encouraging corporate participation in debt reduction efforts.
Establishment and Purpose of the Fund

Tabung Harapan Malaysia was officially launched on May 30 by the Ministry of Finance. Its establishment followed a series of independent crowdfunding efforts by Malaysians who were keen to assist the government in managing the country's financial obligations. The fund was conceived as a mechanism for patriotic citizens who wished to actively participate in safeguarding the nation's economy through financial contributions.

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What will the funds collected by Tabung Harapan Malaysia be used for?

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