During the KPMG Tax and Business Summit, Tai Lai Kok, Head of Tax at KPMG in Malaysia acknowledged that one of the challenges facing the M40 group was a high cost of living and low income.
“We hope that the government would consider providing more tax reliefs for this group in the future,” he said during his opening remarks.
Johan Mahmood Merican, Director for National Budget Office of the Ministry of Finance, who was a guest speaker at the event, also added that the government’s proposal to increase the minimum wage to RM1,200 for those in the city was due to higher living expenses compared to rural areas.
He also added that the government is cautiously optimistic on the gross domestic product (GDP) forecast of 4.8 per cent next year with some measures are in place to contain effects if the global economy worsens.
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