Aug 17, 2016

ACCCIM welcomes govt measures to simplify business procedures

ACCCIM welcomes govt measures to simplify business procedures


KUALA LUMPUR: The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) welcomes government measures to simplify business procedures to help businesses grow and compete effectively.

Vice-President Datuk Liew Sew Yee said the chamber also welcomed the government’s review of existing laws and regulations that govern business operations and management to ensure it continued to remain relevant to modern businesses.

“We have been working closely with the government to discuss issues affecting the development of domestic trade and consumption as well as the formulation of new policies,” he told a seminar on “New Company Law’s Impact on Your Business and Duties”.

Liew said the chamber had requested that the Companies Commission of Malaysia update the New Companies Bill and Interest Scheme Bill.

The Companies Bill 2015, which replaced the Companies Act 1965, seeks to improve internal controls, governance and corporate responsibility.

“The bill would also abolish obsolete procedures which were no longer relevant in the simplification of laws and deregulatory measures and create s conducive and friendly business environment for local entrepreneurs,” he added.

Liew urged the government to adopt a balanced approach when conducting a review of the Employment Act 1955, Industrial Relations Act 1967, Trade Union Act 1959, Children and Young Persons (Employment) Act 1966 and, Minimum Standards of Housing and Amenities Act 1990.

The Acts are to be reviewed in order to comply with the Trans-Pacific Partnership Agreement labour obligation.

“We fully understand that employees need protection, however, businesses need room to progress, grow and compete.

“Laws and regulations should not be too stringent, too complex, work against free market enterprises and discourage business competition,” he added. — Bernama

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