Latest news with #NgYihPyng
The Star
01-08-2025
- Business
- The Star
ACCIM calls for enhanced tax incentives to boost Malaysian exports
PETALING JAYA: While praising the government's efforts to lower tariffs, the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCIM) urged for increased tax incentives and grants to support exporters and businesses. Its president, Datuk Ng Yih Pyng, said the Allowance for Increased Exports (AIE) should be widened and increased as part of this reduction in tariff. 'Currently, an allowance equal to 10% of the value of increased exports, deductible against 70% of statutory income,' he said in a statement on Friday (Aug 1). He said that the government should also increase the lifetime cap of the Market Development Grant to RM500,000, while raising the per-claim ceiling to RM35,000 for international trade fairs and exhibitions, and RM10,000 for locally held trade fairs and exhibitions. He claimed that the current limits of RM5,000 for local and RM25,000 for overseas reimbursement were not enough. However, he also mentioned that he supports the Investment, Trade and Industry Ministry to help exporters address the current tariffs by improving their efficiency and productivity. At the same time, he also agrees to explore further government support for businesses, particularly those in small and medium enterprises, to adapt to the new baseline tariff rate. Its minister, Tengku Datuk Seri Zafrul Abdul Aziz, said they would continue to work closely with stakeholders to maximise the opportunities from this development, including the strong momentum in approved investments, driven by ongoing infrastructure projects, a consistent realisation rate of over 85% for approved investments, as well as catalytic national development initiatives, in a statement on Friday. 'We remain committed to defending Malaysia's trade interests while fostering mutually beneficial partnerships with key economies, including the United States. Malaysia will also continue to pursue its industrial reform and strategic trade diversification initiatives to support the nation's growth,' he said.
The Star
31-07-2025
- Business
- The Star
13MP's success hinges on effective implementation, institutional support, says business group
PETALING JAYA: As Malaysia eyes a high-income status by 2030, the 13th Malaysia Plan (13MP) needs strategic implementation to navigate global economic complexities and foster innovation, says the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM). Its president Datuk Ng Yih Pyng has described the 13MP as "comprehensive and strategic," and aligned with the Madani Economy framework's goals of raising economic ceilings, strengthening foundations and enhancing governance. "The complexity of the global economic landscape requires the government to implement policies that are well-considered and adaptable to shocks and disruptions," he said in a statement on Thursday (July 31). The 13MP projects a positive economic growth outlook of 4.5% to 5.5% annually from 2026 to 2030, supported by an investment plan of RM611bil. With RM611bil allocated under the five-year plan, including RM430bil in government expenditure and RM181bil from GLCs, GLICs and Public-Private Partnerships (PPPs), Ng said the plan is expected to bolster investor confidence and create significant economic multiplier effects, particularly through projects in infrastructure, public transport and affordable housing. "We welcome the plan's focus on high-value sectors and industries, emphasising the transformative potential of technology, digitalisation and AI. "Empowering SMEs for an AI future can be a game-changer, unlocking unprecedented opportunities for growth, efficiency, and innovation," Ng said. ACCCIM also stressed the need for strong coordination among various ministries and agencies, highlighting that poor coordination has been a significant barrier for businesses, especially micro, small and medium enterprises (MSMEs). Ng advocated for enhanced research and development incentives to attract global investment and strengthen Malaysia's innovation landscape. He also underscored the importance of reforming public services to rebuild trust in government, urging the use of innovative technologies to improve service delivery and cost efficiency. "Good governance and accountability are essential for the successful implementation of the 13MP," he said. While the 13MP is a comprehensive blueprint for Malaysia's future, Ng said its success hinges on effective implementation and robust institutional support. "The chamber looks forward to collaborative efforts across public and private sectors to ensure the plan's objectives are met."
New Straits Times
31-07-2025
- Business
- New Straits Times
13MP key step towards becoming high-income nation: Acccim
KUALA LUMPUR: The Associated Chinese Chambers of Commerce and Industry of Malaysia (Acccim) says the 13th Malaysia Plan (13MP) is a key step towards the country's goal of becoming a high-income nation by 2030. Acccim president Datuk Ng Yih Pyng said the complexity of global economic landscape requires the government to implement policies that are well-considered, and adaptable to shocks and disruptions, as well as having the ability to anticipate potential consequences of policies. "These include diversifying and deepening economic structure, products and markets, securing quality investment in high growth high value sectors, investing in education and human capital, fostering greater technology and artificial intelligence (AI) adoption and spurring innovation," he said in a statement today. Ng emphasised the need for strong coordination among various ministries and agencies in implementing the plan, as poor coordination has often been cited as a major stumbling block for businesses, especially MSMEs to move forward. He said the proposed improvement to the research, development, commercialisation and innovation (R&D&C&I) investment model to increase high-value research and development as well as the creation and commercialisation of intellectual property (IP) through the provision of research facilities and targeted incentives are a step in the right direction. Ng proposed a review and expand the scope of R&D incentives to allow more companies engaged in R&D and innovation activities. This is by offering more attractive R&D credits could entice investors to establish their R&D hubs in Malaysia, and prioritising collaborations between private sector, academia and government. He called for higher R&D expenditure to boost Malaysia's R&D intensity, aligning with global standards while actively seeking private sector partnerships to increase business participation. He also highlighted the need to simplify the nation's R&D tax incentive scheme and overhaul the grant system. This includes streamlining processes, simplifying applications, and removing bureaucratic hurdles that have discouraged businesses from pursuing innovation. Ng stressed that accelerating public service reform agenda is crucial for enhancing efficiency and effectiveness of service delivery to the people and businesses, rebuilding the trust in government through reforms concentrating on working in a more open, transparent way. He said utilising innovative technologies to heighten customer service experience, improve information sharing and lessen costs, and radically reduce costs to drive better value for money. "Towards this end, Acccim looks forward to the implementation of various initiatives to facilitate businesses and not to frustrate them, including the ILTIZAM Act, the establishment of Special Task Forces such as STAR, and review and amend outdated laws and regulations to reflect current needs. To turn the 13MP into timely, effective and impactful outcomes, he said effective implementation is crucial, drawing on extensive engagement across the public and private sectors. Ng also said good governance and accountability are another important factor in the implementation of the 13MP. This includes optimising limited resources and carefully prioritising the sequence of initiatives to ensure the desired outcomes are achieved.
The Star
09-07-2025
- Business
- The Star
Govt urged to lower SST for now due to looming US tariffs
PETALING JAYA: The expanded Sales and Service Tax (SST) should be lowered temporarily amid mounting cost pressures and a looming 25% US tariffs, says the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM). Its presindent Datuk Ng Yih Pyng said tariff headwinds and global uncertainties were hitting at a time when businesses were already grappling with rising operating costs stemming from multiple government-imposed cost measures. 'This adds to the financial strain on businesses and could impact their ability to sustain operations and invest in future growth,' he said in a statement on Tuesday (July 9). He again urged the government to reconsider ACCCIM's proposal to reduce the expanded Sales and Service Tax (SST) rate from the current 6%–8% to 4% for the first two years of implementation. Ng also expressed concern over the cumulative impact of repeated cost increases, especially as businesses navigate an increasingly challenging global and domestic economic landscape, coupled with uncertainty surrounding US tariff policies. At the same time, the chamber welcomed the Investment, Trade and Industry Ministry's commitment to engage with the United States to secure a fair and balanced trade deal for Malaysian exporters. 'This commitment is vital, given the strong bilateral trade ties between both countries. The United States is Malaysia's second-largest trading partner and its largest export destination. In 2024, total trade surged by nearly 30% to RM324.9bil (US$71.4bil),' Ng said. He said the chamber believed the government would do its utmost to negotiate a reduction in the revised 25% tariff scheduled to take effect on Aug 1. 'ACCCIM fully supports the government's principle of maintaining open dialogue with the United States in working towards a well-considered, comprehensive and mutually beneficial trade framework.' Ng stressed that any negotiations must prioritise the national interest, particularly in protecting the interests of small and medium-sized enterprises (SMEs) and mitigating any adverse effects on local industries and employment. Malaysia is set to face a 25% tariff imposed by the United States starting Aug 1. This represents a one-percentage-point increase from the previous 24% rate, which had been temporarily suspended for 90 days. However, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz has stated that there was still time to negotiate with the United States before the revised tariff comes into force.
New Straits Times
09-07-2025
- Business
- New Straits Times
Ministry's US engagement vital to securing equitable trade for Malaysia: Acccim
KUALA LUMPUR: Investment, Trade and Industry Ministry's continued engagement with the US is crucial for a balanced and fair trade deal for Malaysian industries, a trade body said. The Associated Chinese Chambers of Commerce and Industry of Malaysia (Acccim) said this is given the strong bilateral trade relations between the countries. The US is Malaysia's second largest trading partner and largest export destination, with total trade in 2024 rising nearly 30 per cent to RM324.9 billion (US$71.4 billion). The chamber believes that the government will make its best effort to negotiate for a lower tariff before the revised 25 per cent tariff coming into effect on Aug 1. Acccim said it stands firmly behind the government's principle of having an open discussion with the US in developing a well-considered and comprehensive as well as mutual benefits trade framework for both countries. It also supports the government's position that any negotiations must prioritise the national interest. This is particularly to safeguard the interests of small and medium enterprises (SMEs) and mitigate potential adverse effects on domestic industries and employment. Acccim president Datuk Ng Yih Pyng, however, expressed concerns about the cumulative impact of multiple cost increases on businesses, especially amid a challenging global and domestic economic environment as well as tariffs policy uncertainty. He said the potential impact of tariffs not only would dampen exports but also have negative spillover effects on domestic sectors. "These tariffs headwind and global external uncertainties come at a time when companies are already facing higher operating costs due to the implementation of multiple cost measures. "This adds to the financial strain on businesses, potentially impacting the ability to invest," he added. Hence, the chamber urged the government to reconsider a reduction in the expanded sales and service tax rate to four per cent for the first two years of implementation, down from 6.0-8.0 per cent now.
