SHAH ALAM, Oct 20 — Now is not the time for the government to introduce the goods and services tax (GST) as it does not support consumption, says SJ Securities Sdn Bhd, deputy managing director Peter Lim.
He said the government should introduce the tax when the economy had recovered.
“Consumption is very important to the economy. When consumption picks up, the economy will expand,” he told reporters on the sidelines of the launch of the SJ Securities new logo here today.
He expects the Malaysian economy to record a slight contraction next year but it would be smaller than earlier anticipated.
On the upcoming Budget 2010, Lim expects it to be people-friendly, with more jobs for small contractors and some personal income tax relief.
He also said the Budget 2010 would focus on boosting domestic consumption while facilitating economic recovery. Lim said the global economy is now getting stable and expanding.
“The feel-good factor is flowing in and recovery is being seen on the stock market,” he added.
In line with an improvement in the global markets, Lim expects the FTSE Bursa Malaysia Kuala Lumpur Composite Index to touch the 1,300 level by the year end.
On the SJ Securities new logo, the company’s managing director and chief executive officer, Ahmad Azman Datuk Abdul Manaf said the change was part of its rebranding exercise towards greater commitment and continued dedication in serving clients.
The move to the new headquarters, he added, signified the management’s commitment to consolidate all of its operations under one roof to provide a better service to its clients.
SJ Securities, is primarily engaged in the trading of securities listed on Bursa Malaysia, as well as those listed on other recognised stock exchanges in the world. — Bernama
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