KUALA LUMPUR, Oct 19 — iPay88 Sdn Bhd is requesting that the government highlight e-commerce when tabling the coming Budget 2017, in line with its intention to accelerate growth under the National e-Commerce Strategic Roadmap.
Executive Director Chan Kok Long said last year, e-commerce made up RM68 billion of Malaysia’s Gross Domestic Product (GDP).
“It is projected to grow at a 10.8 per cent compound annual growth rate to touch RM114 billion by 2020.
“However, this is not good enough and the National e-commerce Strategic Roadmap is intended to double the e-commerce growth to 20.8 per cent to touch a GDP of RM170 billion by 2020,” he said in a statement.
Chan said the online payment gateway provider also hoped the 2017 Budget themed, ‘Digital Economy’, would emphasise the exemption of direct and indirect taxes for all e-commerce startups as a specific move to reduce the cash outflows to sustain startups in the online ecosystem.
He said there should be a continued commitment and understanding from the government to lift non-tariff barriers if they are to make the National e-commerce Strategic Roadmap work.
“Internet startups dominate the entrepreneurial ecosystem in e-commerce today and the government can provide the best support by announcing immediate tax relief and exemption for this group of online,” he added. — Bernama