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Tuesday, January 14, 2020

Guan Eng - If You Increase Taxes Then You Better Look For A New Career

Image result for lim guan eng

Rule No 1 :  Guan Eng, Rule No 1 is do not impose extra burdens on the people just because you do not know how to manage the country. This applies to taxation but I am referring to your cashless society and e-wallet idea.  You cannot burden the people with overnite cashless society and e wallet ideas just because you don't know how to get rid of corruption and all the useless rules and regulations that are still found in the economy (which gives rise to the underground economy).  

Get rid of corruption, abolish all the blood sucking government granted monopolies, abolish all the useless rules and regulations that stifle the economy, fully liberalise the banking sector (which will kill off the multi billion Ringgit Ah Long industry)  and you will see a shrinking of the underground economy. 

Do not punish the people with new rules and regulations just because you do not know how to manage the country.






Gov't to find 'balance and equilibrium' before imposing higher taxes 
there is a need to increase taxes
Guan Eng said govt would find "balance" to not impact people too drastically

there may be no need for court action Lim said

We do not plan to tax people beyond their limits
We will consider first our economic growth

(OSTB : What equilibrium?  You gave RM1.3 Billion to JAKIM.  Ask Tony Pua to calculate - what is the positive economic return when you give JAKIM RM1.3 billion?  What are the economic spinoffs for the country? What is the purpose of building an economically non-feasible railway to Kota Bharu for RM40 BILLION or something?  Or building an RM500 MILLION new Federal government complex in Kelantan? These are money wasting projects. 

What is the economic feasibility of the MoF using taxpayers' money to buy PLUS for RM35 Billion (enterprise value or whatever)? Or of prolonging the toll torture on the poor people? Is this what you call equilibrium?)

government focused on reducing shadow economy
which now totals 21% of GDP or RM300 billion

shadow economy includes corruption, hidden from authorities 
shadow economy : illegal activities, smuggling, non-compliance with laws
we proposed cashless society, e-wallet

there must be tight enforcement involving all agencies, including police, Customs
enforcement against illegal activities involved many agencies

OSTB : No, no, no. This is Malaysia bro. Wake up and smell the droppings. 

In Malaysia the more rules you have the more opportunities for corruption. 
The more "agencies" are involved the more room for corruption. 
The corrupt love more rules, more agencies, more approvals, more licenses, more regulations because they can collect more corruption money. 

So the solution is reduce the rules. Less red tape. 

Here is an OutSyed The Box suggestion. Impose a MAXIMUM ONE TIME ONLY TAX of 15% on all imports. 15% maximum tax on imports of cars, diamonds, textiles, chocolates, Boeing jet engines, childrens toys, goods from China, Europe,  etc. MAXIMUM TAX IS 15%. 

No need for massive Customs 'codes', no need for isi borang, no need for Customs tax inspection, no need for so many Customs officers. 

First get the sniffer dogs to sniff for drugs and weapons, then declare the value of the imports, multiply by 15% import tax and then let the shipments through. 

Then smuggling will become redundant. 
Corruption (at the ports, at KLIA, etc) will become redundant.

You impose 300% tax on imported cars people will smuggle and bribe to avoid paying 300% tax. 
You impose 15% tax no one will smuggle or pay bribes.  
And the government's tax revenue can actually increase.
Smuggling and corruption (at the entry points) will die a natural death.

Asked about current elected representatives involved in illegal activities
Lim said "So far, there is none from this administration," he added. - Mkini

OSTB : So far there is none from this administration? 
You mean there is no more corruption?  
Guan Eng you must be living in La La land. 

The economy is slowly grinding down to a halt. 

The Indians have stopped buying palm oil from Malaysia. 
I told you so. Didn't I say so?
The Indian palm oil consumption is NINE MILLION tonnes. 

Existing factories are shutting down. 
Where are the new factories? 
No factory no jobs lah. 
Big data, small data, match make jobs and job seekers etc is just hogwash when there are NO NEW FACTORIES being set up.

Granted the Ringgit has strengthened against the US Dollar (RM4.06) but that is not because of any strength in the Ringgit. The US Dollar has weakened overall (4% last year and maybe 8% this year 2020 - according to the money traders). Nothing to crow about there. 

In a nutshell the Malaysian economy is weak and weakening. 

Now is not the time to be increasing taxes. 

One of the spinoffs from BREXIT that the Brits are salivating over is a possible 0% VAT (GST 0%).  Yes the Brits too want to cut taxes. 

Donald Trump has cut taxes. The US economy is booming. 

Putin has cut taxes a long time ago.
Income tax in Russia is 13%.
Corporate tax in Russia is 20%    

This is 21st century lah brader.
Increasing taxes is Stone Age type of government. 
Cut the taxes. Reduce government expenditure. 

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