Follow the inaugural DNA Budget 2019 analysis live on FB
By Karamjit Singh November 2, 2018
- Ganesh Kumar Bangah, Renuka Sena and Jaffri Ibrahim will share insights
- One thing the industry hopes not to hear about is the introduction of a digital tax
THE first ever budget by only the second government Malaysia has ever known will be presented at 1600 hours Pacific Time today and it is greatly anticipated by Malaysians.
While the new Pakatan Harapan government has been cautioning Malaysians to expect a tough budget with few goodies for the people, businesses will be watching with great interest to see what incentives are introduced, regulations eased and policies announced that will unleash the drive and innovative capabilities of companies and entrepreneurs.
It will be no different for the tech ecosystem, especially the startup and venture capital space. As it is, among startups and established digital companies, there is a real concern over momentum being lost if the dreaded Digital Tax is introduced.
As I wrote yesterday, startups are concerned over a new cost burden imposed on them at a time when the vast majority are still trying to build on the traction they have and continue growing their user base, but a tax imposed on digital services could well see users looking to competing products and services that are not based in Malaysia to avoid the extra cost that will be passed on to them.
Chan Kok Long, co-founder and executive director of iPay88 Holding Sdn Bhd has come out strongly against such a tax. Will his last minute appeal hit home or fall on deaf ears?
There will surely be talking points about this tomorrow after the budget speech and this is why DNA, for the first time, is organising a post-Budget 2019 discussion at 17.15pm to talk about the hits and misses of Budget 2019.
Follow the discussion live on DNA’s Facebook page.
As panelists we will have Ganesh Kumar Bangah (pic, aove), president of the National ICT Association, Pikom and a globally recognised tech entrepreneur. Joining him will be Renuka Sena, founder and CEO of Proficeo Sdn Bhd, the programme managers of the successful Coach & Grow Programme or CGP and Jaffri Ibrahim, CEO of CREST or Collaborative Research in Engineering, Science and Technology which is based in Penang.
Jaffri (pic, aove) is excited to be part of the panel to share his views and is also inspired by Prime Minister Mahathir Mohamad’s quote for Malaysia to return as an “Asian Tiger” and how the technology sector can be a proactive proponent to drive that vision.
“We do have some of the best minds in the business, what we need is leadership to rein in all these talents so that all the efforts will bear fruit.”
Renuka (pic, above) on the other hand will be keenly watching to see how Malaysia can encourage local corporates to invest more in local companies. “Specifically, I am hoping for clearly defined guidelines for the Corporate Tax Incentive to finally be implemented as there are multiplier ripple effects that can benefit the ecosystem with just this one action”
She looks forward to discussing this.
And I look forward to welcoming you tomorrow. Join us for a robust discussion around the budget’s proposals with regards to the tech ecosystem in this first budget in the era of Malaysia Baru!