Latest news with #SarawakFederationofChineseAssociations
Borneo Post
6 days ago
- Business
- Borneo Post
Limited business impact from aid package, says Sarawak Chinese body chief
Wee says that while the initiatives primarily cover the general public, their effect on the business community remains relatively modest. KUCHING (July 23): The 'Appreciation for the People' financial package is expected to have limited direct impact on the business community, said Sarawak Federation of Chinese Associations (SFCA) president Dato Richard Wee. Commenting on Prime Minister Datuk Seri Anwar Ibrahim's recent announcement, Wee noted that while the initiatives primarily cover the general public, their effect on the business community remains relatively modest. 'From initial understanding of the announcement, the major areas covered are aimed at the rakyat. For the business community, the impact is somewhat minimal,' he told The Borneo Post. However, he said business owners may indirectly benefit from postponed toll fare hikes and electricity savings, while supermarkets and shops may see a boost in sales due to increased spending on sundry goods and groceries. Wee added that the financial package will have more impact on Peninsular Malaysia than in Sarawak and Sabah, stressing that it is crucial for the federal government to ensure benefits are fairly distributed across all states. Among the measures announced was the reduction of RON95 petrol to RM1.99 per litre under a newly targeted subsidy mechanism. Currently priced at RM2.05, the new subsidy is expected to benefit around 18 million motorists nationwide. Additionally, 85 per cent of domestic consumers reportedly saw a reduction of up to 14 per cent in their July electricity bills compared to the first half of the year. The Prime Minister also announced a one-off RM100 cash aid for all Malaysian citizens aged 18 and above in conjunction with the Merdeka Day celebration. The assistance, provided under the Sumbangan Asas Rahmah (Sara) programme, will be credited via MyKad and can be used to purchase essential goods between Aug 31 and Dec 31 at over 4,100 participating stores nationwide. The initiative involves an allocation of RM2 billion and is expected to benefit 22 million Malaysians. As for 'Jualan Rahmah Madani', the government will double its allocation from RM300 million to RM600 million this year. 'This additional allocation will increase the frequency of sales and expand the number of locations nationwide, covering all 600 state constituencies. 'It will also broaden the variety of goods offered to give the people more options,' said Anwar. Additionally, Malaysians will enjoy an additional public holiday on Sept 15 in conjunction with Malaysia Day, allowing more time for rest and family. anwar ibrahim business impact financial aid Richard Wee
Borneo Post
13-06-2025
- Business
- Borneo Post
Sarawak federation calls for delay of SST expansion, suggests GST be reintroduced
Datuk Richard Wee KUCHING (June 13): The Sarawak Federation of Chinese Associations (SFCA) has called on the federal government to delay the implementation of its expanded Sales and Service Tax (SST). The expanded SST policy is scheduled to take effect on July 1. SFCA president Datuk Richard Wee suggested a more measured approach should be considered in view of the uncertainty of US President Donald Trump's tariff war against most countries. 'Until the tariff negotiation is finalised between Malaysia and the USA, our government should not burden the rakyat and the business community further. 'Although such expansion of the SST excludes essential goods, the other affected categories will definitely be impacted. And if it is implemented now, there is a possibility that a further adjustment of prices will need to be imposed,' he said when contacted. Wee said expanding the SST would increase the nation's coffers at the expense of the business community, people, and Malaysian economy. He suggested the Goods and Services Tax (GST) be reintroduced instead. 'For the longer term, the federal government should reconsider the re-introduction of GST, as GST is a more efficient taxation system and if all major countries have similar system in place, there is no reason why Malaysia could not do the same,' he explained. Early last year, the Institute of Strategic Analysis and Policy Research (Insap) suggested the federal government should reintroduce the GST in place of SST. Institute chairperson Datuk Dr Pamela Yong had said this was in view of the government's attempt to boost its revenues with the introduction of the Low Value Goods (LVG) and the still on-hold High Value Goods (HVG) taxes. 'Through our dialogues with the various business associations, GST is still the preferred choice of taxation system due to its transparency and fairness,' she said in a statement. She pointed out the abolishment of the GST in 2018 resulted in a significant revenue shortfall. 'The GST generated a robust RM44 billion in 2017, contributing significantly to the national coffers. It has been estimated that the GST had it not been abolished it would have collected around RM63.5 billion instead of RM35.8 billion in 2024,' she said. Insap also stated the SST and LVG disproportionately impact vulnerable groups. The institute said by focusing on specific goods and services, these measures often place an undue burden on lower-and middle-income groups (B40 and M40) who rely on those goods and services, contradicting the government's stated goal of promoting social equity and inclusive economic growth. 'GST is well-recognised in many advanced countries to have far better outcomes in terms of collection due to its broadband nature,' Yong said, opining it was a grave mistake to have abolished the GST in 2018. 'The priority is to address the people's burden in having to face a downturn in the global economy. This requires stimulus packages and additional fiscal spending, which could have been well supplemented by the GST, had it not been put to an end by Pakatan Harapan 1.0. 'It is time for Malaysia to put political expediency in the back seat, swallow our pride, and re-instate the GST for the sake of the people,' she stated. GST lead Richard Wee Sarawak Federation of Chinese Associations SST
