Talk to us on revitalising businesses, Chinese chamber of commerce tells govt

The Associated Chinese Chambers of Commerce and Industry of Malaysia has proposed a reduction in company income tax rate for businesses to recover.

KUALA LUMPUR: The government has been asked to engage with business chambers and industry associations to prepare the exit strategy for the movement control order (MCO).

This will help explore the best way to facilitate business operations, said Associated Chinese Chambers of Commerce and Industry of Malaysia (Acccim) president Ter Leong Yap.

In a statement today, he said the recovery journey ahead continued to remain challenging but businesses would be able to regain momentum if they remained focused, with support from the government.

“The government should start preparing an economic revival plan to stabilise and turn around the economy and help businesses to restart.”

He said Acccim’s think-tank, the Socio-Economic Research Centre (SERC), would submit a comprehensive economic revitalisation plan to the government this week.

The SERC conducted a survey on April 13-21 to solicit feedback from the business community on the post-MCO’s exit strategy and also outline medium-term and long-term measures to ensure economic revival and business sustainability.

Based on the feedback, Acccim has proposed that short-term, medium-term and long-term measures include a reduction in company income tax rate and set up a strategic national investment plan to resuscitate private investment, especially domestic direct investment.

It said almost half of the 916 companies surveyed indicated that they needed more than six months to recover.

Furthermore, it said almost 90% of businesses expect a post-MCO environment with certain conditions remaining in place, such as safe distancing, wearing of masks, sanitisation as well as other measures critical to keep the public safe. - FMT