Malaysia Day address should bring further reforms for workers, small businesses, says Guan Eng

Former Finance Minister Lim Guan Eng urged Prime Minister Anwar Ibrahim to implement additional economic reforms ahead of Malaysia Day on September 16. He emphasized the need for more reforms to stimulate the macro economy, given the challenges posed by rising living costs and global uncertainties due to the ongoing conflicts in the Middle East and the Russia-Ukraine war.

Anwar, as the current finance minister, could help alleviate the cost of living for the working class and small businesses, while also expanding business opportunities on Malaysia Day. Guan Eng highlighted six specific reforms, including increasing the petrol subsidy quotas, allocating more funds for school maintenance, providing grants to small businesses, improving digital capabilities in public healthcare, and offering free AI applications to youths aged 18 to 30.

While Anwar's decision to raise the sales threshold for e-Invoicing exemption from RM1 million to RM3 million might disappoint some, it still benefits 1.1 million micro, small, and medium enterprises. Guan Eng called for the Prime Minister to commit to a further six reforms during the Malaysia Day celebrations, such as a one-year moratorium on existing loans for MSMEs, interest-free and collateral-free new loans of RM 50,000, and abolishing EPF contributions for foreign workers.

He also suggested establishing a Special Taxpayers Tribunal for tax dispute resolution, increasing personal income tax relief, and encouraging the banking industry to bear the costs of the proposed reforms. The banking sector saw a 13.5% profit increase in 2025, reaching RM 54.8 billion compared to RM 48.3 billion in 2024.