KUALA LUMPUR, Oct 17 — Taxi companies claimed that they may shutter in the next 16 months and could lose up to RM60 million in revenue by the end of the year unless authorities address their complaints against ride-sharing firms Uber and Grab.

Local daily theSun reported today a taxi operator as saying that there is an increasing number of new taxis that have yet to be leased out while drivers are also returning existing vehicles, amid stiff competition from the two rival services.

"On average, it has been between RM15 million and RM20 million losses monthly across the industry.

"The business was bad post-GST (Goods and Services Tax). With Uber and Grab in the picture, we are suffering even more,” Avenue Drive Sdn Bhd managing director Abd Razak Abd Aziz was quoted saying.

He estimated that there would be about 20,000 abandoned taxis in the coming months and pointed to his own company that has seen taxi drivers return about 20 cabs since July, while no one has taken up its 60 new taxis since early this year.

theSun said it found about 1,600 taxis parked at cab company depots in Rawang, Selayang, Kepong, Ampang, Pandan, Seri Kembangan and Shah Alam.

The Land Public Transport Commission (SPAD) said recently that ride-sharing businesses will be regulated under the same platform as taxis, likely by the end of the year, after the Cabinet approved its proposal for the new regulations last August.

Both taxi and ride-sharing drivers will need to be registered with SPAD and go for Puspakom inspections. They will also reportedly carry a driver identification card by SPAD once the industry is regulated.