KUALA LUMPUR, Jan 26 — Priority should be given to strengthening the economy and restoring more favourable business conditions, given the weak domestic and external environments brought about by Covid-19, the Federation of Malaysian Manufacturers said.
“This situation is worrying as the debt servicing burden is significant at 17.2 per cent of total projected revenues for the year with no stable inflow but high outflows of government expenditure due to higher allocation for Budget 2022 stimulus and recovery initiatives to help the country recover from the impact of the pandemic and movement control order,” he said in a statement today.
Soh said FMM has been a strong supporter of the GST as the tax regime was a more transparent and effective tax compared to the SST, with over 160 countries adopting it due to its fair tax structure. Based on a survey carried out by FMM on the reintroduction of the GST in May 2020, 499 companies which responded to the survey registered their strong support for the GST to replace the current SST.
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