KUCHING: Relaxing bank lending regulations to boost property market activities and offering shopping vouchers to help local businesses should be among the initiatives under Budget 2021, businessmen here said.
Sim Kiang Chiok, director of a development and construction company, said the government should make it easier for home buyers.
He said it was also necessary to ensure industry players had a positive cash flow.
“The banks should relax the lending guidelines to allow longer lending tenure and staggered repayments with initial repayments that are low to match the borrowers’ incomes.
“They should also allow assets lending instead of just proven income lending where properties could be used to raise capital to fund businesses and overheads,” he told FMT.
He hoped the federal government would also reduce personal income tax and corporate taxes to assist businesses in the low-volume business environment.
“It has been seven months and it looks like no proven vaccine is still available till the third quarter of next year. So, the government should extend the various Covid-19 financial aid and incentives until March next year to assist all Malaysians,” he said.
Meanwhile, Andy Liew, a furniture shop owner, said the government should consider giving away shopping vouchers to help the local businesses in Budget 2021.
He said the Chinese government had taken such an approach to boost consumer spending in that country.
“I look forward to a similar initiative as our sales have dropped about 30% to 40% since March and it has not recovered since then,” he said.
“The government should extend the wage subsidy programme, especially to those in the furniture retailing industry, which require large manpower.
“Currently, I have 110 employees and I hope the government continues to provide us some incentives to pay our staff and avoid having to lay off workers,” he said. - FMT
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