Malaysia Productivity Corp: Business-related laws need to be reviewed, improved

People walking along Jalan Tuanku Abdul Rahman in Kuala Lumpur March 15, 2020 — Picture by Shafwan Zaidon
People walking along Jalan Tuanku Abdul Rahman in Kuala Lumpur March 15, 2020 — Picture by Shafwan Zaidon

KUALA LUMPUR, June 6 — The Malaysia Productivity Corporation (MPC) said existing business-related regulations and laws need to be reviewed and improved to reduce unnecessary regulatory burden and promote regulatory best practices.

The MPC, in a statement, said it would leverage the cooperation of the Special Task Force to Facilitate Business (PEMUDAH) and Nexus Productivity in addressing the issue.

“In order to create a vibrant business ecosystem, the MPC welcomes the government’s initiative in drafting the Covid-19 Bill as a temporary step in empowering the people,” MPC director-general Datuk Abdul Latif Abu Seman said.

Besides that, he said the MPC would continue to support the country’s tourism industry, which was one of the industries most affected by Covid-19 through the Tourism Productivity Nexus (TPN).

“Currently, TPN is developing a virtual tourist package and attraction as an alternative to the travel experience.

“Prime Minister Tan Sri Muhyiddin Yassin, when announcing the National Economic Recovery Plan (Penjana), said the government was allocating RM1 billion in financing for the Penjana Tourism Financing Scheme, a transformation initiative for small and medium enterprises (SMEs) in the sector to remain competitive in the new normal era.

“The government has also announced a tax initiative for travel agencies, hoteliers and airlines and the postponement of installment payments for three months from October 1 to December 31, 2020.

“Also announced was the tourism tax exemption from July 1, 2020 to June 30, 2021, and the extension of service tax exemptions on accommodation provided by accommodation premises operators from Sept 1, 2020 to June 30, 2021,” Abdul Latif said.

On the whole, he said Penjana’s measures were in line with the five strategic pillars under the Malaysia Productivity Blueprint, which is based on productivity improvement through manpower, digitalisation and innovation, industry accountability, robustness of business ecosystem strength, and strength of mechanism implementation.

“The incentives under Penjana should be used appropriately and wisely to increase productivity at the enterprise level and thus, contribute to the country’s overall productivity,” he said.

He said the MPC will also strengthen collaborative efforts between the public and private sectors in implementing the initiatives. — Bernana

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