2023 Feb 26 - The Star: Luxury Tax a boon or bane?
The Star - 19th Feb 2023
Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) treasurer-general Koong Lin Loong said the government should broaden its parameters when it came to generating tax revenue. “The existing taxation system needs to be reformed to increase government revenue and ensure its sustainability. This is especially true since a large majority of tax revenue comes from direct taxes, such as corporate and personal income taxes, as well as indirect taxes, which are too narrow,” he said.
Read more: https://www.thestar.com.my/news/nation/2023/02/19/govt-should-consider-more-avenues-for-tax-generation
Managing Partner of Reanda LLKG International, Datuk LL Koong is one the panel judges for the top winners of the Star Outstanding Business Awards i.e. "Malaysian Business of the Year" and "Elite Entrepreneur of the Year". The final judging session is completed on Feb 2, 2023.
Datuk LL Koong JP, Managing Partner of Reanda Malaysia being appointed as Board Member of The Credit Counselling and Debt Management Agency with effective from Jan 2023.
The Credit Counselling and Debt Management Agency, commonly known as Agensi Kaunseling dan Pengurusan Kredit (AKPK), is an agency set up by Malaysia Central Bank - Bank Negara Malaysia (BNM) in April 2006 to help individuals and businesses take control of their financial situation by providing complimentary financial education, advisory and debt management programmes.
"We need to have special measures in place so that Malaysia can be the preferred investment destination for the Chinese nationals, which would then help our SMEs to flourish".
Koong added that the most sought-after sector that investors would be interested in would be green technology; hence, he called for the government to also allocate for the sector.
To help local SMEs, he said the government must also consider improving the tax incentive to encourage the growth of businesses.
"LL Koong: if you are salaried employee but also dabble in the gig economy, you should fill in Form B. This is regardless of whether you are registered with the Companies Commission of Malaysia or town council. You must file taxes if your earned income reaches the taxable amount."
GST defaulters can’t leave Malaysia? We shall strive our best as the task force member to urge Malaysia Customs Department not to impose such a harsh move on Penalties & its bar from leaving the country!
Reanda 8th Anniversary, and 30 member firms joined together to celebrate the anniversary this year in Shanghai, China.