KUALA LUMPUR: The Malaysian International Chamber of Commerce and Industry (MICCI) has urged the government to provide clear guidelines and timelines on the new taxes in the 2025 Budget. 

Its president Christina Tee said that while MICCI appreciates the tax reliefs stated in the budget, the frequent changes in recent years, including the expansion of the sales and service tax (SST) to new sectors, have placed additional burdens on businesses and individuals. 

"We also highly encourage consultations with industries on tax changes to foster a more business-friendly environment," she said in a statement today. 

Nevertheless, Tee said MICCI remains optimistic about the government's approach in the 2025 Budget. 

She added that the association looks forward to stronger collaboration between the public and private sectors to address the long-term economic and environmental challenges that lie ahead. 

Furthermore, Tee said MICCI is encouraged by the government to take a positive step to address the acute talent drain through increasing Technical and Vocational Education and Training (TVET) allocation to RM7.5 billion. 

She said this will provide training opportunities for vulnerable youth, as well as the rural and marginalised communities, with robust local upskilling programmes. 

"Sustainability remains a key focus for MICCI, and we welcome the initiatives, including RM1 billion allocation to continue the implementation of the green technology financing scheme, more allocation under NETR, and tax breaks for carbon capture, utilisation, and storage activities. 

"We welcome the push to enhance access to and production of renewable energy and to encourage wider industry participation to achieve a net-zero carbon economy," she added. 

Additionally, Tee said MICCI also commends the government's continued focus on combating revenue leakage through strengthening enforcement to combat tax evasion, fuel smuggling, and subsidy fraud. 

She noted that the additional RM60 million allocation will contribute to sustained support and consistent engagement across multi-agency task forces, as they are critical in curbing illegal activities and safeguarding tax revenue.

https://www.nst.com.my/business/corporate/2024/10/1123151/micci-provide-clear-guidelines-and-timelines-new-taxes-2025