Traders will be badly affected if opposition wins: Tangau
Published on: Tuesday, April 24, 2018
Tuaran: Entrepreneurs are one of the quarters who will be badly affected if the opposition is given the mandate to govern the country and to implement its manifesto of abolishing the goods and services tax (GST).Incumbent Tuaran MP Datuk Seri Wilfred Madius Tangau said if GST is abolished, all of the investment made by entrepreneurs for the tax system will be wasted."The opposition can promise the moon and the stars, but if GST is abolished, the country's revenue will also be reduced by more than RM20 billion," he said after launching the Business Incubation Transformational Solutions programme, here, Monday.
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"Now, we can collect a revenue of RM45 billion through GST, as compared to the previous sales and services tax (SST) which can only obtained about RM20 billion."And even with GST, we are still on a fiscal deficit…without GST, I think we will see a sky-rocketing fiscal deficit."But I believe we will be able to balance our budget and we are on-track towards that."Meanwhile, Tangau who is also Science, Technology and Innovation Minister refuted Tun Dr Mahathir Mohamad's claim of the Barisan Nasional (BN) government side-lining Bumiputera entrepreneurs.
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"Prime Minister Datuk Seri Najib Tun Razak has introduced the New Economic Model to ensure Bumiputera entrepreneurs who needed help receive the necessary aid…that is the essence of the model," he said.On the programme, Tangau said it offered a more than RM10,000 financial assistance to 30 Bumiputera entrepreneurs, in terms of training to further strengthen their ability to manage finance, market and human resource, among others.
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The entrepreneurs were from the Kadazandusun Chamber of Commerce and Industry (KCCI)."This assistance is important to boost their ability.Stay up-to-date by following Daily Express’s Telegram channel.
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