THE Madani Unity government needs to undertake crucial institutional reforms by this year to address possible economic repercussions following United States (US) President Donald J. Trump's threat of trade tariffs, said former Finance Minister Lim Guan Eng.
Lim said that the imposition of tariffs cannot be taken lightly, as it would alter the current global trading activities and unsettle many firms doing business with the US.
The DAP chairman said that one way to offset the possible impact of the tariffs, is to conduct institutional reforms and channel financial aid to small medium enterprises (SMEs), who are expected to face the brunt of Trump's aggressive moves on global trade.
Speaking at a birthday tribute to his father - the iconic DAP leader Lim Kit Siang, who will celebrate his 84th birthday on February 20.
Lim said that Kit Siang's strong determination in some four decades to fight for an equitable Malaysia, can inspire the government, whom he had helped in the past to set on the road to reform.
"If we do reforms by this year, it is a demonstration that Kit Siang's struggle continues."
Lim said that institutional reforms and financial aid to mitigate Trump's punitive tariffs must be implemented this year to provide reassurance that the unity government is striving hard to serve the people's needs.
"Malaysians welcome the announcement by Home Minister (Datuk Seri) Saifuddin Nasution Ismail that the Security Offences (Special Measures) Act 2012 (Sosma) will be reviewed as promised to our supporters during the last general election."
Some of the financial measures he is proposing include increasing the threshold for business compliance with e-invoicing from an annual revenue of RM150,000 to RM500,000, increase in tax relief for SMEs of RM10,000 and individuals of RM5,000, limiting the two percent tax on dividend income above RM100,000 to only listed companies, exempting employers from making the two percent Employees Provident Fund (EPF) contributions for foreign workers and dividing the 14% hike in electricity tariffs this July to two 7% tariff hike.
"This is not merely about delivering on our promises but also ensures that we work for the people and not against their interests," said Lim.
Earlier, Human Resources Minister Steven Sim Chee Keong spoke of how eight legislative amendments were made to the Labour Act since he became minister.
This is to showcase the party's and his commitment to ensure that the rights of the workers are protected in such challenging times, said Sim.
He said that as long as the (party) rocket symbol is around, DAP would always strive to protect the people, regardless of their race and religion. - February 16, 2025.
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