SHAH ALAM: Budget 2027 should focus on easing operational costs, refining tax frameworks and boosting SME competitiveness, says the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM).
“Budget 2027 must be designed to sustain domestic demand, protect the livelihoods of Malaysians and strengthen household resilience, while maintaining private investment momentum,” ACCCIM president Datuk Ng Yih Pyng said.
Local businesses are dealing with higher employment costs, an expanded Sales and Service Tax, electricity tariff changes and stiff competition from foreign firms, he said during ACCCIM’s 80th AGM yesterday.
To support growth, ACCCIM submitted proposals urging the government to relieve tax and cost burden by raising the preferential corporate tax threshold for SMEs, enhance Reinvestment and Investment Tax Allowances, and streamline tax administration.
ACCCIM also urged the government to level the playing field by establishing a structured “Buy Made by Malaysia First” framework and requiring foreign online sellers generating over RM1mil annually to set up a local business presence.
It also urged the government to streamline governance, shifting from mere “ease of doing business” to “ease of getting things done” through digital-first public services, faster agency approvals and regulatory transparency.
On food security, Ng said Malaysia needed a more integrated approach to develop its agrifood sector.
He said this could include expanding productive agricultural land through integrated farming systems, developing underutilised land owned by government-linked companies through public-private partnerships, and offering land leases of between 30 and 60 years.
