PETALING JAYA, Nov 6 (Sin Chew Daily) — Malaysia's business and industry sectors are looking forward to positive measures from the government in Budget 2021 to revitalize the economy.

The Associated Chinese Chamber of Commerce and Industry Malaysia (ACCCIM) president Tan Sri Datuk Ter Leong Yap said the business sector and people are facing tremendous challenges during the third wave of the COVID-19 pandemic.

ACCCIM hopes that the government will put its priority on helping the B40 group and business sector.

Ter said entrepreneurs were hoping that the government would assist them in short-term cash flow and help resolve issues related to human resources, taxation and in medium- and long-term training.

ACCCIM has submitted its proposals to the government for consideration.

Among the suggestions include extension of wage subsidy program for another six months, exemption or reduction of foreign worker levy by 50%, easing the cost of business, tax exemption for human resource development fund to be extended for another six months, reduce corporate tax rate from 24% to 22% in 2021 and to 20% in 2022.

ACCCIM also hoped that the government would be able to assist tour operators and the hotel industry through the implementation of 'travel bubble' scheme and identify green zones ready for the return of international tourists.

Meanwhile, SME Association of Malaysia president Datuk Michael Kang said he was looking forward to the government assisting small- and medium-sized industries in cash flow and transformation while stimulating consumption.

To help SMEs resume their businesses, Budget 2021 should offer special low-interest loans to SMEs so that the operators would have sufficient cash flow to run their businesses.

He also said more allocations should be set aside for SMEs to transform to digital economy through training.

SMEs need the assistance from the government to stimulate consumption with the launch of buy local product campaigns, he said.

The government could also assist SMEs by supporting them to venture into international markets and by offering tax incentives.

Malaysian Employers Federation (MEF) executive director Datuk Shamsuddin Bardan urged the government to inject funds to help employers retain their workers.

He said the government should lower individual income tax rate and corporate tax from 24% to 18%.

MEF also hoped the government would review the minimum wage scheme as this would further burden the employers.

Federation of Malaysian Manufacturers (FMM) chairman Tan Sri Datuk Soh Thian Lai said the government should extend the wage subsidy scheme to assist more medium-sized companies in sharing their financial burden.

FMM proposed that the government assist workers earning less than RM4,000 a month through wage subsidy scheme and limit the number of workers to a maximum of 800.

FMM also suggested that individual income tax and corporate tax be exempted so that the funds could be channelled into the market to create more business and job opportunities.