PAKATAN Rakyat is committed
to reduce the current household debt which at present hovering at 76% of the
Malaysian GDP – Gross Domestic Product. This is evident by Pakatan Rakyat pledging in election
manifesto revealed by Rafizi Ramli PKR National Strategic Director in reducing
the duties imposed on car once Pakatan Rakyat is in power.
So cheaper and affordable
cars to be made available to Sabahans and Malaysians. PKR Supreme Council
Member cum PKR Sabah Secretary -Dr Roland Chia revealed today.
At present the excise &
duties imposed is as high as 105 per cent that have caused Malaysians to bear
some of the highest sticker prices in the world. This has resulted in about 20
per cent of the RM581 billion total household debt in the country last year
being held in cars, an asset that depreciates over time.
By reducing excise and taxes
on cars , this will help to stimulate the economy by boosting disposable income
and reducing household debt burden.
Malaysians are currently
paying eye-watering excise duties of between 65 and 105 per cent on cars they
buy on top of 10 per cent in sales tax, which means that if a Malaysian
consumer pays RM100,000 for a car, as much as RM55,000 goes to the government.
The duties are a lucrative
form of revenue for the federal government but have also helped push up
household debt levels in Malaysia which, as a percentage of GDP, are the second
highest in Asia.
Apart from the duties, a
system of APs is given to a select number of companies and car importers,
allowing them to bring in cars and charge up to RM40,000 for the permit to the
customer.
According to Dr Roland Chia
, this is not a populist manifesto because many local economists have given the
thumbs up to this move of slashing hefty excise and taxes on cars. With regards
to Proton of losing the protectionism status, Dr Roland Chia argued that such a
move would actually force Proton to perform better and have better corporate
governance in rolling out and promoting their cars both in the domestic and
international market.
According to former director
of the Malaysian Institute of Economic Research (MIER) cum economist – Datuk
Mohd Ariff Abdul Kareem – Car prices are high and very distorted.
“Cutting taxes would mean
better allocation of resources and consumers could spend more on other things
which would have some stimulating effect on the economy.”
There must also be measures
and reforms in addressing any abuses in
the AP (approved permit) system as well as other mitigating measures to control
the current high rate of congestion on Malaysian roads.
The senior economist
suggested one way was to shift the tax to the petrol pump so that consumers are
taxed by how much they drive rather than on the car itself. Such a move could
also help boost the usage of public transport.
Another economist - Wan
Saiful Wan Jan, chief executive of the Institute for Democracy and Economic
Affairs (IDEAS), said the proposal to cut high auto duties was overall
beneficial to the public. He noted that objections to such a proposal appeared
to put the welfare of companies above that of the wider public.“The problem we
have is that Malaysia practises state capitalism,” he noted.
Dr Roland Chia concluded and
lamented that – the BN mentality and typical thinking is that it is not about
the rakyat but about how it will affect the local car companies. The other
issue being the differential in car prices in West Malaysia and East Malaysia
due to the injustice Cabotage Policy. (PKR Media)
Anonymous said...
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Oleh Yap, Taman Desa Jaya, Kepong