KCCCI president calls for balanced economic policies amid business challenges
The reason was that businesses were the foundation of national fiscal strength and social well-being, he said at the chamber's 79th anniversary dinner on Friday night (Aug 8).
'We urge the government to fully consider the realities faced by the business community, especially amid current economic uncertainties.
'We hope that policies do not add to the burden on businesses,'' said Tan in his address.
He added that some issues voiced by KCCCI members included the multi-tier levy system for foreign workers, the 2% Employees Provident Fund contribution for employers with foreign workers, and the rationalisation of the RON95 fuel subsidy.
'We recommend deferring these policies until the economy stabilises and business confidence returns,'' said Tan.
He added that the members also hoped for a review of the Sales and Services Tax (SST) expansion.
Tan suggested that the government consider reducing the SST rate to 4%. Currently, the SST ranges from 5% or 10% for sales and 6% to 8% for services.
'In the long run, we continue to believe the Goods and Services Tax (GST) is a fairer, more transparent, and sustainable taxation system, and it is worth re-evaluating and enhancing its implementation in the future,'' he said.
Meanwhile, Tan said that Malaysia, in the light of the 19% tariff imposed by the United States, should diversify and reduce reliance on any single market.
The event was also attended by representatives of various Chinese chambers of commerce, elected officials, local council members, and representatives from foreign missions.
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