KUALA LUMPUR: The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) has called for a clearer roadmap on how the corporate tax can be reduced.
“We welcome Budget 2018 that is inclusive and takes care of people from all walks of life but we hope the Government can also reduce corporate tax gradually. Hopefully we can have it in the next Budget,” its president Tan Sri Ter Leong Yap told a press conference yesterday.
“We hope to have corporate tax reduction and that the Government can provide a roadmap on this,” he said, adding that ACCCIM has been requesting to lower the corporate tax.
In Budget 2018, the Government will lower the tax rate for households that earn less than RM9,000 a month, benefiting the middle class.
The tax rate will be reduced by two percentage points for those earning between RM20,000 and RM70,000 in annual taxable income.
However, there was no reduction in corporate tax.
In Budget 2018, Ter said the Government was focusing on sustaining economic growth for the country and encouraging domestic investment.
“The Government is also preparing for the future as it encourages the digitalisation of the economy, and provides incentives for the adoption of Industrialisation 4.0,” he said.
Ter said the ACCCIM applauded the measures to promote small and medium enterprises (SMEs).
“We hope all trade and SME associations can inform their members on how to benefit from the programmes,” he said.
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