Don’t let tourism sector bleed to death, says Daim

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Daim Zainuddin says there is a need for all resources employed at the right places to overcome problems. (Daim Zainuddin pic)PETALING JAYA: The multi-billion ringgit tourism industry is “bleeding to death” and out-of-the-box strategies are needed to save this crucial industry, says finance minister Daim Zainuddin, calling for new tax laws by which businesses can recover their losses, and a tax refund to help with their cash flow.Daim, who is also a business tycoon, called for business losses to be carried forward indefinitely, as in other countries such as Britain and Singapore or for 20 years, as in Canada.“Currently, losses incurred by businesses can (only) be carried forward and offset against future profits for seven years. This is one way of mitigating cash flow problems faced by businesses. The government should remove restrictions on group company losses and allow offse…