KUALA LUMPUR: Besides introducing the “Prosperity Tax” as announced in the Budget 2022, the government should also consider introducing a more friendly and attractive Malaysia My 2nd Home (MM2H) programme to attract more foreign nationals to come and invest in Malaysia, to help boost its tax collections and to stimulate economic recovery, said Tan Sri T.C Goh, President of the Federation of Chinese Associations Malaysia (Huazong).
He thus urged the government to quickly review and amend the existing conditions for the MM2H programme which many industry players considered too rigid for the applicants, so as to better attract foreign investors to help stimulate our economic recovery, post Covid-19.
“Besides collecting taxes from Malaysians, the government may also boost its coffer via collection of taxes from foreign investors through such beneficial programmes like the MM2H programme,” he said.
He also concurred with Bintulu Member of Parliament, Dato’ Seri Tiong King Sing’s recent statement calling for a better classification of participants for the MM2H programme i.e. either for retirement, investment and trade, education, medical treatment purposes, and etc, instead of lumping them together.
“A better classification would make it easier for the applicants to apply for the MM2H programme, and allow the government to collect necessary taxes from the participants,” said Goh who is also President of the Federation of Chinese Associations Sabah (FCAS).
Goh who is also director of Malaysia-China Business Council (MCBC) which is led by Tiong noted that during its recent meeting, Tiong also shared his views and proposals on MM2H programme, especially on the need for a better classification of its participants, for example, application for applicants of education visa for their children to study in Malaysia should be synchronized with the college or university involved.
He continued that besides urging the government to review and relax the conditions of MM2H programme during the debate in Parliament recently, Tiong who is also the Prime Minister’s Special Envoy to China during his recent visit to Sabah had a good discussion on the matter with Chief Minister cum Sabah Finance Minister Datuk Seri Hajiji Mohd Noor, Minister of Local Government and Housing cum Sabah Finance Minister II, Datuk Seri Panglima Masidi Manjun, and State Tourism, Culture and Environment Minister, Datuk Jafry Hj Ariffin, while leading MCBC delegation to pay courtesy call on them.
“MCBC’s stand is that, our government should re absorb or retain the existing participants of MM2H programme who intended to withdraw from the programme, at the same time, to attract new participants especially the many interested participants from China who are currently on the waiting list, so as to help boost our business sector and accelerate our economic development,” said Goh.
He further opined that, the government should study the relevant policies introduced by our neighbouring countries like Thailand, Indonesia, Vietnam etc, which are more flexible and friendly for the applicants.
“The existing requirements for the MM2H programme set by our government are clearly less competitive, and should be promptly reviewed and rectified,” he underscored.
He added that, it is important that the government must take into serious consideration the feedback on the new conditions for the MM2H programme given by its existing participants, especially those who expressed their intention to pull out from Malaysia, and to quickly rectify the conditions.
He acknowledged that while it’s difficult to rule out that there were some ‘bad apples’ among the MM2H participants, a vast majority of the participants were the ‘cream of the crop’ among the foreign nationals and their presence had greatly benefited various sectors of the country, and its economy as a whole.
“Hence, the government should strive to introduce policies which are friendly and attractive to lure in more foreign participants, instead of introducing policies which turn them away,” he concluded.-pr/BNN
