Hantu Laut
In spite of the oppositions pouring scorn on Prime Minister Najib's capability of running the country he did make significant transformation in some key areas crucial to the economic well-being of the country.
The World Bank Report below shows that Malaysia is among the economies that improved the most across three or more doing business areas
So, Najib did nor rest on his laurels as perceived and deplored by the opposition Pakatan Rakyat leaders.
For starter, the introduction of the GST is a welcome sign that Malaysia is moving forward.
The next big thing Najib should do to is trim the budget deficit by removing fuel subsidy completely. It is the most wasteful and unproductive subsidy that have eroded the nation's coffers. The subsidy have led to smuggling of our resources to neighbouring countries, where fuel costs are higher and sold at market price.
Najib should not wait too long to remove the subsidy, he must do it soonish, preferably before the end of 2014, on the premise that "time is a good healer" hence if the premise is true, then the conclusion must be true. Time heals the grieving heart, people tend to forget the bad times as time goes by.
The government spent almost RM24 billion a year on this wasteful and unproductive spending, which most Malaysians are unaware of and failed to appreciate.
Just imagine how much developments beneficial to the people, or reduction of our fiscal deficit can come from this money, instead, of turning it into wasteful and toxic carbon monoxide.
He can do wonders with the saving.
Read the World Bank Report here.
Ease of Doing Business in
Malaysia
This page summarizes Doing Business 2014 data for Malaysia. The first table lists the overall "Ease of Doing Business" rank (out of 189 economies) and the rankings by each topic. It also lists the economy's distance to frontier (DTF)** measure. The rest of the tables summarize the key indicators for each topic and benchmark against regional and high-income economy (OECD) averages.
ECONOMY OVERVIEW
Starting a Business
DB 2014 RANK | 16 | DB 2013 RANK*** | 19 | CHANGE IN RANK | 3 |
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DB 2014 DTF** (% POINTS) | 94.31 | DB 2013 DTF** (% POINTS) | 93.41 | IMPROVEMENT IN DTF** (% POINTS) | 0.90 |
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Information on new business density and number of newly created firms with limited liability can be found at Entrepreneurship Database.
Indicator | Malaysia | East Asia & Pacific | OECD |
---|---|---|---|
Procedures (number)
| 3 | 7 | 5 |
Time (days)
| 6.0 | 37.8 | 11.1 |
Cost (% of income per capita)
| 7.6 | 29.8 | 3.6 |
Paid-in Min. Capital (% of income per capita)
| 0.0 | 293.3 | 10.4 |
No. | Procedure | Time to Complete | Associated Costs |
---|---|---|---|
1 | Apply to the Companies Commission of Malaysia (CCM) on the prescribed form (13A) to ensure the availability of the proposed company name | 1 day | MYR 30 per name search application |
2 | Company Secretary prepares the company incorporation documents | 3 days | MYR 1,000 |
3 | File necessary documents with the Companies Commission of Malaysia (CCM) one-stop shop and obtain company incorporation, tax registration, registration with the Employment Provident Fund (EPF), Social Security Organization and the Inland Revenue Board, a | 1-2 days | MYR 1,000 (registration fee)+ MYR 220 (stamp) + MYR 100 (post-incorporation package) |
** The distance to frontier (DTF) measure shows the distance of each economy to the "frontier," which represents the highest performance observed on each of the topics including Getting Electricity across all economies included in Doing Business. An economy’s distance to frontier is indicated on a scale from 0 to 100, where 0 represents the lowest performance and 100 the frontier. Read more...
***Last year's rankings are adjusted: they are based on 10 topics and reflect data corrections.