KUALA LUMPUR, July 25 — Tabung Harapan Malaysia (THM) has received over RM10 million in donation from foreign sources, said the Finance Ministry today.
With over RM162 million collected as of 4pm today, its deputy minister Amiruddin Hamzah said the Pakatan Harapan government has yet to decide on a closing date for the collection of funds.
The crowdfund stands at RM162,326,697.87.
“The cut-off period of the public funds collection has not been fixed by the Federal government yet, because we are still receiving donations on a daily basis from many different parties. Not only inside the country, but also overseas which had exceeded over RM10 million,” he told Dewan Rakyat.
The Kubang Pasu MP said donors to THM included both individuals and companies, with a total of 289,002 donors and 189,087 online transactions as of Monday.
“All proceeds will be used to pay off the national debt. However, the amount collected from THM will not be able to clear all the debt that was inherited from previous projects or scandals, such as 1MDB,” he said, in reference to 1Malaysia Development Berhad.
“THM was set up for patriotic Malaysians who wish to contribute to saving the country’s economy… the idea for the crowdfund came from the people themselves, when a person came to the Prime Minister’s Office with two RM50 notes and voiced his intention to contribute to reducing the national debt,” he said.
Amiruddin said companies are entitled to tax relief under Subsection 44 (6) of the Income Tax Act 1967, which allows tax deduction from the total donated amount to the government, including THM.
THM was launched on May 30 by the Ministry of Finance, following several independent crowdfunding attempts by Malaysians to help Putrajaya manage its debts.
