Latest news with #PerakFederationofMalaysianManufacturers
The Sun
2 days ago
- Business
- The Sun
Perak FMM urges more SST expansion talks for industry clarity
IPOH: The Perak Federation of Malaysian Manufacturers (FMM) has called for additional engagement sessions to address industry concerns over the expanded Sales and Services Tax (SST) scope, which took effect on July 1. FMM deputy chairman Mark Chan Chow Loong emphasised the need for clarity, as the expansion covers over 3,000 new items, raising technical questions among manufacturers. 'Many companies still require detailed explanations on implementation and cost implications,' he said during the Special Coffee Series: SST Expansion briefing. The session, attended by 450 industry players, aimed to clarify product classifications, exemption procedures, and cost impacts. Chan noted that raw material costs, such as in the plastics sector, account for 60 to 80 per cent of final product prices, making tax adjustments critical for pricing strategies. Perak State Development Corporation (PKNPk) CEO Datuk Redza Rafiq Abdul Razak highlighted the session's role in bridging policy and practice. 'This is about ensuring clarity and confidence in business operations,' he said, stressing the importance of open dialogue between policymakers and manufacturers. - Bernama
Barnama
2 days ago
- Business
- Barnama
Perak FMM Calls For More Engagement Sessions To Clarify SST Expansion
IPOH, July 28 (Bernama) -- The Perak Federation of Malaysian Manufacturers (FMM) is calling for more engagement sessions to be held to provide clarification to industry players regarding the expansion of the Sales and Services Tax (SST) scope, which came into effect on July 1. Its deputy chairman Mark Chan Chow Loong said this was important given that the expansion involves more than 3,000 additional items, raising many technical questions among manufacturers. 'As we know, the SST expansion was only recently announced, so many companies and manufacturers still require further clarification on how it is implemented and its impact on production costs. 'Therefore, these sessions are very beneficial as they provide a clearer understanding to manufacturers, especially regarding the list of products involved, exemption applications, and implications on production costs,' he said at the Special Coffee Series: SST Expansion briefing here today. Also present was Perak State Development Corporation (PKNPk) chief executive officer Datuk Redza Rafiq Abdul Razak. A total of 450 industry players and manufacturers from various sectors across Perak attended the session. Chan explained that while the SST expansion has implications on the cost of raw materials, the impact varies depending on the type of product and the composition of raw materials used. 'For instance, in the plastics industry, raw materials contribute between 60 to 80 per cent of the cost of finished products. So any additional tax imposed will have a direct impact on prices,' he said. Meanwhile, Redza Rafiq said the engagement session was not just a typical briefing, but rather a strategic and inclusive platform that brought together policymakers, implementing agencies, and the business community.
