The Government can delay the imposition of Goods and Services Tax (GST) by using the tax revenue earned from legalising sports betting, said the largest association to represent the Chinese business community.
Ultimately, everyone would benefit from such a move, added the influential Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) in a press statement.
The chambers made such a suggestion as it was concerned with the dispute surrounding the Government’s issuance of sports betting licence.
The body also noted with concern that illegal gambling activities were becoming more rampant – with syndicates pervading every corner of the society.
The legal gambling industry contributed enormously to the economy, it said.
According to the statistics, total tax revenue of Malaysia last year amounted to RM158.6bil, and the gambling industry contributed RM3bil or 2% of it.
The revenue has been utilised for various public expenditure.
ACCCIM added that some 13,000 people were directly employed through the legal gambling industry, and another 6,700 people indirectly employed in this industry.
“Although ACCCIM has never supported people to gamble, it is of the view that if legal sports betting does not exist, existing gamblers will resort to bet through black markets, even without cash, resulting in exorbitant debts.
“Some will even fall prey to loan sharks which will cause social problems and ultimately upset national development,” said ACCCIM.
The Government, added the body, had strictly regulated the sports betting licence, with only 220 Sports Toto outlets in areas with few Muslim residents to be allowed to accept cash bets.
Reckoning that the operating revenue of Malaysia’s illegal sports betting industry was between RM20bil to RM30bil annually, the Government could net about RM1bil to RM3bil tax revenue, said ACCCIM.
“The ACCCIM hopes that no matter which company is granted the sports betting licence, it can manage the licence. The Government should make it compulsory for the company to contribute a portion of its profit to charity and education funds annually,” said the press statement.
The body calls on all parties concerned to resolve the disputes on the issuance of sports betting licence by giving preferential consideration to the socio-economic interest of the nation.
- thestar.com.my
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