Industry leaders' views on 2017 Budget

Tan Sri Lodin Wok Kamaruddin, Chief Executive, Lembaga Tabung Angkatan Tentera

Comments from LTAT, Deloitte Malaysia, MIDF, NCIA, Moody’s, Uber Malaysia, Dagang Nexchange, Symantec Malaysia

Deloitte Malaysia International Tax Leader Tan Hooi Beng:
 
One of the objectives of The Budget 2017 is to increase the disposal income of  rakyat. The relief for fees paid to child care centres and kindergartens, purchase of breastfeeding equipment, will be helpful.

The full stamp duty exemption on first home ownership will enable the rakyat to own their first home. Meanwhile, the proposed reduction of corporate tax rate for SMES recognizes the fact that SMES remain as an important element of the economy. 

The proposed set-up of the Collection Intelligence Arrangement (CIA) under the Ministry of Finance, it involving Inland Revenue Board (IRB), Royal Malaysian Customs and CCM simply means full compliance by taxpayers is the way forward. 

However, I remain hopeful that the tax agencies will continue to administer the tax law fairly and be lenient on genuine errors.