Hold introduction of additional taxes this year, urges FMM after new US tariffs

PETALING JAYA: The Federation of Malaysian Manufacturers (FMM) is urging the government to postpone the introduction of new taxes due to the 24% tariff rate on Malaysian imports by the United States.

"The manufacturing sector is already under severe cost pressures and is the largest contributor to national tax revenue, accounting for RM221bil or 68.6% of total tax collections," said FMM president Tan Sri Soh Thian Lai.