Focus on services providers
KUALA LUMPUR: The International Trade and Industry Ministry (Miti) will launch a survey on the goods and services tax’s (GST) impact on small and medium enterprises (SMEs) next week to find out the challenges business owners face.
Minister Datuk Seri Mustapa Mohamed said: “It is inevitable that challenges occur following the implementation of the GST. We’ve been getting feedback and will compile them.”
He said the ministry will improve productivity and targeted to get the results from the survey at end-June.
Meanwhile, Mustapa told reporters that the oil and gas (O&G) sector has continued to attract investments this year, particularly at the downstream segment in Pengerang, Johor.
“The investment in the O&G sector is still resilient,” he said, following the launch of the Miti Report 2014.
The applications and approvals were expected to be announced in the next few weeks, he added.
The Government has announced that US$27bil would be invested in the Pengerang Integrated Complex and that some of the formalities could be expected in the near future.
Other ongoing efforts to increase investments into Malaysia include works to promote Malaysia as the “principal hub” for multinational corporations. The incentive guideline was issued on April 6.
The amount of investments approved has also increased to a record RM236bil last year from RM141.6bil in 2009.
He hoped that a similar amount of investments could be achieved this year. The ministry also wants to improve the role of SMEs in the country’s development under the SME Masterplan in the next five years.
The Government hopes to improve SMEs’ contribution to the country by 2020, as they account for 98% of the businesses in the country.
Among others, the 33% contribution to the country’s gross domestic product would be improved to 41% in five years.