Reduction of entertainment duties catalyst for economic growth - Fahmi

KUALA LUMPUR - The government's announcement to lower the entertainment duty to zero for local performers and from 25 per cent to 10 per cent for international artists who perform in the country will be a catalyst for economic growth, especially through tourism activities.

Communications and Digital Minister Fahmi Fadzil said in addition, the announcement of several funds including RM900 million under the supervision of Bank Negara Malaysia (BNM) for small and medium enterprises (SMEs) will encourage those groups to adopt 5G applications and technology.

"This is because we expect 5G reach to be at 80 per cent by the end of this year and with a wide network, we hope that more, not just the people, but also companies, especially SMEs, will be able to take full advantage,” he said at a press conference at the Parliament building today.

He also described Budget 2024 presented by Prime Minister Datuk Seri Anwar Ibrahim in the Dewan Rakyat today as loaded with comprehensive initiatives that benefit all segments of society.

In addition, he also welcomed the announcement that the sales and service tax (SST) for the telecommunications sector will be maintained at six per cent.

He said this was because based on research data conducted, maintaining the SST rate for that sector as well as the food and beverage sector, will see no price increase for 25 to 30 per cent of necessities.

"So, this is a very good thing. This is part of the government’s efforts to retarget subsidies,” he said.

Fahmi also welcomed the RM2,000 early incentive payment to civil servants and RM1,000 to government pensioners.

"I believe that for civil servants, the contribution is much welcomed and we look forward to the (Public Service Remuneration System) review process and we hope that private companies will also participate in the effort to increase salaries through the progressive salary scheme,” he said. - BERNAMA