Latest news with #SmallandMediumEnterprisesAssociationMalaysia
New Straits Times
09-07-2025
- Business
- New Straits Times
US tariffs pose major risk to export-oriented SMEs, says Samenta
KUALA LUMPUR: Malaysia's trade competitiveness and industrial resilience face a serious threat, said the Small and Medium Enterprises Association Malaysia (Samenta) as the United States moves to impose a 25 per cent tariff on all Malaysian exports beginning Aug 1. Samenta said the sweeping tariff measure could have a severe impact on export-oriented small and medium enterprises (SMEs), which form the backbone of the country's manufacturing ecosystem. Its national president Datuk William Ng said for SMEs which are significantly exposed to the US market, this is the equivalent of an economic earthquake. "We acknowledge the government's continued pursuit of a balanced and mutually beneficial trade resolution with Washington, but we need urgent and coordinated action to cushion the impact on impacted SMEs," he said in a statement. Ng also called for the immediate rollout of targeted relief measures from the government. These include the RM1 billion increase in Syarikat Jaminan Pembiayaan Perniagaan guarantees, RM500 million in soft loans via development financial institutions, and the RM50 million boost to Malaysia External Trade Development Corp. The association further urged the government to extend these relief measures to domestic, non-exporting SMEs, noting that weaker exports would drag down domestic demand, particularly in the services sector. "In particular, we urge the government to pause all new and planned cost increases on SMEs, including the proposed rationalisation of petrol subsidy and incremental fees proposed by various agencies and local councils. "As labour shortages remain one of the most pressing challenges, particularly in the services sector, we urge the government to urgently review and ease restrictions on the hiring of foreign workers in sectors such as food services, tourism and logistics," Ng added. On a broader level, Ng said the tariff move underscores longstanding structural fragilities in the SME sector. Despite strong headline gross domestic product numbers, he noted that many SMEs remain stuck in low-margin, small-scale operations and are vulnerable to rising costs and regulatory pressures. "The imposition of US tariffs is a stark reminder of the urgent need to recalibrate our economic model. We must prioritise the long-term viability and competitiveness of our 1.5 million SMEs, particularly in the creative and services economy. "Samenta remains fully committed to working hand-in-hand with the government to support all SMEs directly or indirectly affected by the tariff," said Ng.
Borneo Post
28-06-2025
- Business
- Borneo Post
SST revision exempts 75 pct of SMEs, says Samenta
Datuk William Ng KUCHING (June 28): The revision to the expanded Sales and Services Tax (SST) will exempt approximately 75 per cent of small and medium enterprises (SMEs) from the additional eight per cent tax on rental and financial services, according to the Small and Medium Enterprises Association Malaysia (Samenta). Samenta national president Datuk William Ng described the move as a 'welcome and meaningful relief.' 'We are grateful to the Prime Minister for hearing our concerns and for directing the Ministry of Finance to revise the threshold upwards,' he said in a statement issued today. The statement was made in response to the Ministry of Finance's announcement on the revised SST implementation, which includes a higher annual sales threshold for service tax on rental and financial services. Ng noted that Samenta was among the first to raise concerns over the potential impact of the SST expansion on SMEs when it was initially announced. He said the association had urged the government to raise the threshold to protect smaller businesses, while still supporting a broader and fairer tax base. 'While we will continue to advocate for a balanced and SME-friendly approach in future tax reforms, we consider this matter concluded and will not seek further concessions on the SST expansion,' he added. In the meantime, Ng urged affected SMEs to take immediate steps to implement the expanded SST and to contact the Royal Malaysian Customs Department for assistance if needed.
Malaysiakini
27-06-2025
- Business
- Malaysiakini
Samenta welcomes revision to expanded SST as relief for SMEs
The Small and Medium Enterprises Association Malaysia (Samenta) has welcomed the Finance Ministry's revision to the expanded sales and service tax (SST). The association described it as a meaningful relief for small and medium enterprises (SMEs). Its president, William Ng, said the revision...
New Straits Times
27-06-2025
- Business
- New Straits Times
SAMENTA welcomes SST revision as major relief for SMEs
KUALA LUMPUR: The Small and Medium Enterprises Association Malaysia (SAMENTA) has welcomed the Finance Ministry's revision to the expanded Sales and Service Tax (SST), describing it as a meaningful relief for small and medium enterprises (SMEs). Its president, Datuk William Ng, said the revision includes a higher annual sales threshold for service tax on rental and financial services, which effectively exempts approximately 75 per cent of SMEs from the additional eight per cent tax under the expanded SST. "When the expansion of the SST was first announced, SAMENTA was among the first to voice concerns, particularly over its potential impact on our SMEs. "We urged the government to raise the SST threshold – a move that would protect smaller enterprises while still allowing for a broader and fairer tax base," he said in a statement today. The ministry announced today that, after carefully considering public sentiment, it has decided not to proceed with the proposed expansion of the service tax to beauty services, including manicures and pedicures, facial services, and services provided by barbers and hairdressers. It stated that all revisions to the expanded Sales Tax and Service Tax were made after considering feedback from the public and industry. Ng said the association expressed gratitude to Prime Minister Datuk Seri Anwar Ibrahim for hearing their concerns and directing the ministry to revise the threshold upwards. "While we will continue to advocate for a balanced and SME-friendly approach in future tax reforms, we consider this matter concluded and will not seek further concessions on the SST expansion," he added. He also encouraged affected SMEs to take the necessary steps to implement the expanded SST and to seek assistance from the Customs Department where needed.— BERNAMA
The Sun
27-06-2025
- Business
- The Sun
SAMENTA praises SST revision as relief for Malaysian SMEs
KUALA LUMPUR: The Small and Medium Enterprises Association Malaysia (SAMENTA) has lauded the Ministry of Finance's updated Sales and Service Tax (SST) expansion, calling it a significant relief for small and medium enterprises (SMEs). SAMENTA president Datuk William Ng highlighted that the revised policy raises the annual sales threshold for service tax on rental and financial services, sparing around 75% of SMEs from an additional eight per cent tax burden. 'When the expansion of the SST was first announced, SAMENTA was among the first to voice concerns, particularly over its potential impact on our SMEs. We urged the government to raise the SST threshold - a move that would protect smaller enterprises while still allowing for a broader and fairer tax base,' Ng said in a statement. The MoF confirmed today that, after reviewing public feedback, it will not extend the service tax to beauty services such as manicures, pedicures, facials, and barber or hairdressing services. All adjustments followed consultations with industry stakeholders. Ng thanked Prime Minister Datuk Seri Anwar Ibrahim for addressing SME concerns and revising the tax thresholds. 'While we will continue to advocate for a balanced and SME-friendly approach in future tax reforms, we consider this matter concluded and will not seek further concessions on the SST expansion,' he added. He advised affected SMEs to prepare for the updated SST regulations and seek guidance from the Royal Malaysian Customs Department if needed.
