FMM calls for reduction of taxes in Budget 2021

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FMM says the lowering of taxes will give the people more disposable income and encourage greater consumption.PETALING JAYA: The Federation of Malaysian Manufacturers (FMM) has urged Putrajaya to incorporate “more competitive” tax regimes in Budget 2021.FMM president Soh Thian Lai suggested that corporate tax be capped at 20% and the tax on small and medium enterprises (SMEs) at 15%.He told FMT this would help provide for a conducive business and investment climate, adding that government policies should enhance competitiveness by reducing the cost of doing business.Soh also proposed that personal income tax for the 2020 and 2021 assessment years be set between 5% and 10% to mitigate the impact of the Covid-19 pandemic on individuals.“This will help increase disposable income and encourage greater consumption, leading to higher domestic demand for goods and services,” he said.“…