More MSMEs could close if electricity tariff rises in July, says Dr Wee
According to Dr Wee, the United States has currently paused its reciprocal tariffs for 90 days until July 9 and, if Putrajaya increases electricity tariffs then, businesses would make meagre profits.
"MSMEs will not earn more than 10% if the electricity tariffs are raised by 14.2%.
"I think many of them will close shop. So, I'm pleading to the government, please look into this matter," he told the special Dewan Rakyat tariff session on Monday (May 5).
Dr Wee also said Putrajaya should cancel the e-invoicing implementation for MSMEs making between RM150,000 and RM500,000 a year.
He asked the government to review the feasibility of a RON95 petrol subsidy rationalisation.
"The best mechanism must be identified so that its benefits will reach the majority of the people.
"We cannot control exterior factors but we can control domestic ones. Please postpone them (the electricity tariff hike and RON95 subsidy rationalisation) for a while, give them some room to breathe," he added.
The targeted RON95 subsidy was initially scheduled to be implemented in June, while the increase in electricity tariffs is set to take effect in July.
Monday's special sitting saw MPs from both sides of the divide debating the tariffs issue.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz will deliver the winding-up speech at the close of the sitting this evening.
The reciprocal tariffs announced by US President Donald Trump on April 2 include a sweeping 10% baseline duty on all countries and a steeper 24% levy specifically on Malaysian goods.
Trump then announced a 90-day pause on their implementation, except for China.
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