Cut costs, uncertainty as MICCI also seeks another GST push under 2027 Budget
KUALA LUMPUR: The government should use 2027 Budget to reduce the cost and uncertainty of doing business as companies face higher compliance, utility and operating expenses, said the Malaysian International Chamber of Commerce and Industry (MICCI).
The Malaysian International Chamber of Commerce and Industry (MICCI) has advised the government to use the 2027 Budget to reduce costs and uncertainty for businesses. MICCI president Christina Tee highlighted that companies face increased compliance, utility, and operating expenses. For an efficient business environment, clear timelines, reasons for decisions, and prompt settlement of money are essential, she said.
The expanded SST has complicated compliance and could create cascading costs across supply chains. MICCI suggested reintroducing the GST when appropriate conditions are met, as its input tax credit mechanism could reduce cascading effects and improve transparency. The chamber also proposed addressing illicit trade in alcohol and tobacco, which costs the government RM5.6 billion annually.
Additionally, MICCI recommended adopting clear service-level agreements for government agencies to ease cash-flow pressures and ensure timely relief from costs and uncertainties.
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