Latest news with #NgYihPyng
The Star
12-06-2025
- Business
- The Star
ACCCIM celebrates media's role at 2025 Media Appreciation Night
KUALA LUMPUR: The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) celebrated the media's invaluable contributions at the 2025 ACCCIM Media Appreciation Night. The event was a night of gratitude and forward-looking announcements shared by ACCCIM committee members and leading media practitioners. ACCCIM president Datuk Ng Yih Pyng expressed heartfelt thanks to the media, acknowledging their pivotal role in conveying the chamber's messages to the public and policymakers. "We are deeply grateful to the media for ensuring that our messages are accurately and clearly conveyed. "Your professional coverage helps amplify our concerns and influence policy directions that impact Malaysia's business ecosystem," he said in his opening speech on Wednesday night (June 11). Ng particularly commended the media's overwhelming support during the 17th World Chinese Entrepreneurs Convention last September, noting that over 200 write-ups from various media outlets contributed significantly to the event's success. "You have played a crucial role in amplifying the significance of this historic event," he said. The dinner, graced by the Prime Minister's political secretary Chan Ming Kai, also saw the presence of Star Media Group (SMG) CEO Chan Seng Fatt and SMG chief content officer Datin Paduka Esther Ng, marking a night of camaraderie among colleagues and old friends. Looking ahead, Ng unveiled a series of major events planned for the second half of 2025. In August, ACCCIM will host the 14th Young Entrepreneurs Conference, the YEC Awards, and the Asean Young Entrepreneurs Dialogue, all aimed at fostering regional collaboration among emerging business leaders. "The following month will see the Asean AI Business Summit, focusing on innovation and technology. "October promises the Asean Chinese Business Summit, culminating in the prestigious Chinese Business Awards Gala Night. "These events are expected to draw distinguished participants and enterprises from across the Asean region to Kuala Lumpur," he said. Ng also unveiled an upcoming milestone—the ACCCIM Academy, a new initiative designed to provide practical, industry-relevant training programmes. "It is imperative for companies to be equipped with the right skills to stay competitive in a fast-changing market. "Whether it's digital transformation, compliance, finance, or soft skills, the ACCCIM Academy aims to ensure that businesses have access to a trained and capable workforce to support sustainable growth," he said. Ng also called for continued collaboration with the media. "Your collaboration is vital as ACCCIM continues to play its role in nation-building, advocating for the business community, and driving economic progress," he said, urging the media to help drive public participation and awareness for these initiatives.
New Straits Times
12-06-2025
- Business
- New Straits Times
ACCCIM: Consider timing of expanded SST
KUALA LUMPUR: The Associated Chinese Chambers of Commerce and Industry of Malaysia (Acccim) says it supports the expanded Sales and Services Tax (SST) to strengthen the country's fiscal's position. But there must be careful consideration of the timing and sequencing of measures to ensure they do not unduly burden businesses, especially the micro, small and medium enterprises (MSMEs), it added. Ultimately, increased business costs can lead to higher consumer inflation, according to Acccim president Datuk Ng Yih Pyng. Ng said the expansion of the SST at a time of the evolving US tariff policy uncertainty and potential global economic slowdown would contribute to domestic economic and business conditions uncertainty. "With businesses already facing rising operating costs, implementing expanded SST could further burden businesses with increased costs. "Ultimately, increased business costs, if not absorbed, would be passed onto consumers, potentially dampen discretionary consumer spending due to higher prices of non-essential goods and a wider range of taxed services." Ng added that the service tax on rental and leasing in particular would result in higher operating cost for many businesses given a low threshold of exemption from paying service tax for MSMEs with annual sales below RM500,000. "In this regard, we appeal to the government to consider deferring the implementation of the expanded SST to a later date, when macroeconomic conditions are more certain. "It must be noted that the deferment of e-invoicing implementation for businesses with annual income or sales between RM1 million and RM5 million (Phase IV) from July 1, 2025 to Jan 1, 2026 reflects the government's acknowledgment and consideration of businesses' concerns regarding its impact on operating costs," he said. Acccim also called for a review of the threshold exemption from the SST expansion, to be raised higher to RM2 million annual sales, to relieve the burden on more micro and small businesses.
The Star
11-06-2025
- Business
- The Star
Expanded SST requires careful consideration, says ACCCIM
PETALING JAYA: There is a need for careful consideration of the timing and sequencing of measures regarding the expanded sales and services tax (SST), says the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM). It added that this is particularly relevant for mid-sized small and medium enterprises (SMEs), as increased business costs can lead to higher consumer inflation. ACCCIM president Datuk Ng Yih Pyng noted that the government is cautious in identifying areas for rate increases, aiming to minimise negative effects on the public and businesses. "However, the increased costs could dampen discretionary consumer spending due to higher prices of non-essential goods and a broader range of taxed services," said Ng in a statement on Wednesday (June 11). "The service tax on rental and leasing would raise operating costs for many businesses, given a low exemption threshold for MSMEs with annual sales below RM500,000. "We would like to appeal to the government to consider deferring the implementation of the expanded SST to a later date when macroeconomic conditions are more certain. "We agree with the concerns raised by business groups in the construction, services, and manufacturing sectors over the timing of the SST expansion, increased costs, lack of clarity, and insufficient time for preparation." Ng then said that the government should actively engage with all stakeholders, considering their interests to ensure clear and smooth implementation.
The Star
22-05-2025
- Business
- The Star
Tomei's 1Q net profit jumps 33% on strong gold demand
KUALA LUMPUR: Tomei Consolidated Bhd remains focused on strengthening its brand, expanding outreach through promotions, and adapting swiftly to market conditions, while acknowledging that global trade tensions and tariff risks may dampen broader economic sentiments. 'We are cautiously optimistic that our proactive approach will help sustain profitability for the remainder of the financial year,' group managing director Datuk Ng Yih Pyng said in a statement. In the first quarter ended March 31, the integrated gold jewellery manufacturer and retailer posted a 33% jump in net profit to RM27.8mil compared with RM20.9mil a year ago. Revenue for the quarter rose 7.8% to RM348mil, up from RM322.8mil, supported by festive-driven retail demand and sustained consumer interest in gold, as prices hovered near the all-time high level Tomei said the retail segment remained the key contributor, posting RM286.7mil in revenue—up 3.3% year-on-year—while profit before tax (PBT) rose 33.9% to RM34.6mil, driven by higher gold prices and improved gross margins. The manufacturing and wholesale segment recorded a 12.4% increase in revenue to RM61.3mil, with PBT at RM3.5mil. 'We are pleased to begin FY25 on strong footing, supported by festive-driven retail momentum, higher gold prices and consumers' growing appreciation of gold as both adornment and investment,' Ng said.
Barnama
05-05-2025
- Business
- Barnama
ACCIM SEES CORDIAL TALKS AS KEY TO FAIR, BALANCED MALAYSIA-US TRADE DEAL
BUSINESS KUALA LUMPUR, May 5 (Bernama) -- The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) believes that continued cordial negotiations between the Malaysian and United States (US) governments can lead to a fair and balanced trade deal. ACCCIM president Datuk Ng Yih Pyng said in a statement today that such a deal would deepen Malaysia-US bilateral trade and investment through enhanced market access and reduced tariffs. 'There is no reason to inflict severe economic damage on businesses from both countries, particularly those sectors and industries that have significant market presence in the US and vice versa,' he said. Ng also said the association suggested that the government increase the amount of Market Development Grant (MDG), which currently stands at RM5,000 for international fairs or exhibitions held in Malaysia and RM25,000 for those held overseas. He added that ACCCIM supports efforts to engage in more free trade agreements (FTAs), including resuming the FTA negotiations with South Korea and the European Union (EU). Ng said that with many countries now facing an extraordinary wall of tariffs, many micro, small and medium enterprises (MSMEs) have expressed concern that more products from Malaysia's trading partners may be dumped into the local market, weakening domestic industries. 'The flooding of foreign goods would nonetheless increase competitive pressure on domestic MSMEs, particularly in sectors such as trading, retailing, furniture, iron and steel, consumer durables, and e-commerce, where margins are already tight,' he said. Ng added that the association has proposed a multifaceted approach to curbing 'rebadged' products. Among the suggestions are enhanced customs inspections and enforcement using risk-based profiling and targeted checks, focusing on sectors or products with high tariff differentials. The approach includes mandating stricter verification and compliance of the Certificate of Origin and Rules of Origin to prevent 'renegade product' activities at ports.
