PETALING JAYA: While praising the government's efforts to lower tariffs, the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCIM) urged for increased tax incentives and grants to support exporters and businesses.
Its president, Datuk Ng Yih Pyng, said the Allowance for Increased Exports (AIE) should be widened and increased as part of this reduction in tariff.
“Currently, an allowance equal to 10% of the value of increased exports, deductible against 70% of statutory income,” he said in a statement on Friday (Aug 1).
He said that the government should also increase the lifetime cap of the Market Development Grant to RM500,000, while raising the per-claim ceiling to RM35,000 for international trade fairs and exhibitions, and RM10,000 for locally held trade fairs and exhibitions.
He claimed that the current limits of RM5,000 for local and RM25,000 for overseas reimbursement were not enough.
However, he also mentioned that he supports the Investment, Trade and Industry Ministry to help exporters address the current tariffs by improving their efficiency and productivity.
At the same time, he also agrees to explore further government support for businesses, particularly those in small and medium enterprises, to adapt to the new baseline tariff rate.
Its minister, Tengku Datuk Seri Zafrul Abdul Aziz, said they would continue to work closely with stakeholders to maximise the opportunities from this development, including the strong momentum in approved investments, driven by ongoing infrastructure projects, a consistent realisation rate of over 85% for approved investments, as well as catalytic national development initiatives, in a statement on Friday.
“We remain committed to defending Malaysia’s trade interests while fostering mutually beneficial partnerships with key economies, including the United States. Malaysia will also continue to pursue its industrial reform and strategic trade diversification initiatives to support the nation’s growth,” he said.
