Kuala Lumpur: The government should reduce the income tax for both individual and corporations in the National Budget 2023 amid the challenging global and domestic economic situation, compounded by a weak Ringgit and high inflation.
The Federation of Chinese Associations Malaysia (Huazong) President Tan Sri TC Goh said this is crucial in order to help the people and businesses to stay afloat and to pull through this difficult period of economic downturn and high inflation.
He suggested that the government provide a ‘one-off’ tax reduction for individuals and corporations, for the next one year, and to have it reviewed when the economy has fully recovered.
“I hope the government could keep its promise made last year that it won’t extend the one-off collection of Cukai Makmur (Prosperity Tax), especially when the country desperately needed to attract more foreign direct investment (FDI) to come in.
“I also hope the government could deliver the promise made by Prime Minister Datuk Seri Ismail Sabri Yaakob, when officiating at the closing ceremony of the Malaysian Chinese Cultural Festival 2022, recently, that the Budget 2023 would benefit the Chinese community of both rural and urban areas,” he said in a statement.
Goh thus hoped the government could continue to pay attention to important aspects which concerned the Chinese community, which included funding for Chinese education, Chinese organisations and NGOs, development for the new villages and Chinese primary and secondary schools, and to provide low or zero interest loan schemes for the Chinese community, among others.
Goh who is also President of The Federation of Chinese Associations Sabah (FCAS) said this when commenting on the imminent tabling of the Budget 2023.
“Whether the said Budget will be passed in the Parliament without any obstacles, or whether the Dewan Rakyat will be dissolved to pave way for the 15th general election, after it is tabled, what really matters for the people is that, the proposed Budget is well drafted and is effective towards expediting our economic recovery, post Covid-19 pandemic.
“I believe Malaysia’s financial and economic outlook for next year remained challenging, mainly due to increase of the national debt, as the result of the government rolling out of the series of eight economic stimulate packages totalling RM53 billion, to assist the people and businesses, during the Covid-19 pandemic period, couple with the government was expected to present a deficit budget, for next year,” he said.
Goh nonetheless said, Huazong is optimistic of Budget 2023 which is themed “Strengthening Recovery, Facilitating Reforms Towards Sustainable Socio-Economic Resilience of Keluarga Malaysia”, that it would benefit people from all walks of life and businesses in various sectors.
Huazong also welcomed and supported the Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz’s move of continuing with the issuance of a Pre-Budget Statement (PBS) for Budget 2023, a move which he introduced last year, besides providing live streaming of Budget 2023 via Facebook.
Goh also disclosed that he and several other Chinese leaders had met with the Transport Minister, Datuk Seri Dr Wee Ka Siong, recently, to discuss about and to give input on Budget 2023.
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