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Tuesday, 24 July 2018 10:07

Govt hopes to table SST bill next week

KUALA LUMPUR: Minister in the Prime Minister’s Department Datuk Liew Vui Keong said the government hopes to table the new Sales and Services Tax (SST) bill in parliament next week. “Keep your fingers crossed; hopefully, [the bill will be tabled] by next week. It is in the pipeline,” Liew told reporters at the parliament lobby yesterday. We will prepare the memorandum and submit it to the cabinet for approval [first]. I don’t think we will meet any resistance [in the cabinet],” he added.

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KUALA LUMPUR, July 23 (Bernama) -- The Ministry of Entrepreneur Development aims to strengthen the economic contribution of small and medium enterprises (SMEs), which currently stood at 36 per cent of the country's Gross Domestic Product and fine-tuning the existing blueprint for the SME community. Its Minister, Mohd Redzuan Md Yusof, said the ministry would focus on bringing sustainability to SMEs to ensure the community is not left behind in global markets.

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KUALA LUMPUR: Putrajaya may not have any leeway to cut the corporate tax rate in the short to medium term, but economists say there are other approaches it can consider to ease the cost of doing business. UOB Malaysia senior economist Julia Goh said the government can look into the processes of setting up a business, reducing the number of government contact points for a start-up, and compliance costs.

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Innovation is critical for small and medium enterprises (SMEs) to jump on the circular economy bandwagon, says Azim Pawanchik, innovation strategist at Alpha Catalyst Consulting Sdn Bhd. He says Berlin-based backyard start-up Kaffeeform is a good example. Julian Lechner, the founder of the company, turns coffee grounds into coffee cups when most people only think of throwing the grounds away or using them as fertiliser.

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More personal computer refurbishing and recycling companies are needed in Malaysia to push the circular economy agenda and end the “take, make, use and dispose” model in the local IT industry, says Chan Weng Hong, general manager of sales, products and marketing at Acer Sales & Services Sdn Bhd. He says the consumption of IT hardware in the country is huge. Some 11 million PCs were shipped to Malaysia in the past five years alone, despite the fact that the country only has a population of 31 million. At the end of their productive life cycles, these PCs typically end up in landfills.

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KUALA LUMPUR, July 21 (Bernama) --The government expects to hit the 5.5-6.0 per cent gross domestic product (GDP) growth target for this year in line with the forecast by Bank Negara Malaysia. Finance Minister Lim Guan Eng said Malaysia is an open, diversified economy and even with the adverse impact of the ongoing global trade war, Malaysia will be growing by at least 5.0 per cent for the next several years.

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MELAKA, July 21 (Bernama) -- The Federal Agricultural Marketing Authority (FAMA) is constantly working to expand the international market to ensure durians from the country can be sold without a glut happening or a fall in the price over the long term. Director General Datuk Ahmad Ishak said this in the light of durian production this year being expected to triple compared to 2017 at around 60 metric tonnes due to the simultaneous output from producer states such as Johor, Melaka, Perak and Pahang.

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KUALA LUMPUR: The ringgit, which has been on the downtrend against the greenback lately as a result of solid US economic growth, is expected to stabilise and become stronger by year-end. Affin Hwang Capital chief economist Alan Tan said the ringgit was expected to appreciate to RM3.80 against the US dollar given the country’s strong economic fundamentals and trading activities. “We think the economic fundamentals will support the ringgit towards the end of 2018.

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KUALA LUMPUR: The future of Malaysia’s food and beverages (F&B) industry remained resilient to external adversities and recession-proof as manufacturers increasingly adopt digital technologies. The Malaysian Investment Development Authority (MIDA) chief executive officer Datuk Azman Mahmud said as of March 2018, the agency had approved 2,154 F&B manufacturing projects with investments of RM51.2 billion.

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KUALA LUMPUR: Cradle Fund Sdn Bhd (Cradle)’s Cradle Investment Programme (CIP) has contributed RM3.4 billion to Malaysia’s GDP, created 80,600 full-time jobs and attracted RM1.3 billion in private and foreign funds over eight years from 2008. These figures were provided by Cradle acting group chief executive officer (CEO), Razif Abdul Aziz, at Cradle Buzz 2018 in the Sime Darby Convention Centre today. “These are positive outcomes by any measure, and testimony to the fact that the right funding at the right time can in fact result in far greater outcomes than that of ordinary public spending. Stay tuned for the full report on the study in coming weeks,” he said.

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