For those familiar with Malaysian politics, Wong Chen is part of the new guard of Parti Keadilan Rakyat MPs elected as part of the then-Opposition’s “tsunami” in 2013. In the recently concluded 14th General Election, he was elected as MP for Subang.
Wong’s involvement with Parti Keadilan Rakyat started in 2008, when he was asked to draft the former Opposition coalition, Pakatan Rakyat’s constitution.
Trained as a lawyer and practicing corporate law before his involvement in politics, SME interviews Wong Chen in this issue to get a perspective on how the new government’s economic policies will look like.
Q: HOW WILL THE ABOLISHMENT OF GST HELP SMEs IN MALAYSIA?
A: Firstly, we expect that sales will go up as the cost of goods comes down. As the actual prices that consumers pay will come down, corporations and SMEs can expect higher revenues.
From an SME point of view, GST is a cost which is passed on to consumers. If the government is efficient in its repayment of GST credits, it’s not so bad. However, the inefficiency of the GST credits repayment creates an environment where it is ultimately bad for the consumer. If consumers are under strain, it is not good for business overall.
Q: WHEN IT COMES TO START-UP GRANTS, HOW WILL THESE BE ALLOCATED FOR?
A: If a start-up has a great idea, venture capitalists (VCs) in the private sector will sort it out. The market will take care of itself. The government should not play the role of VC. It is not viable. In contrast, the government should sort itself out first before investing in other people’s businesses.
The question is, is government money used properly in this context?
While we do want to promote better productivity for the nation, interference in the market where the market can do better than the government should be curbed. Instead, the government should spend on education, not trying to be a VC.
If we do support start-up grants, we expect their investment returns to perform on par with what private sector VCs expect.
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