Najib proposes maximum withdrawal for EPF i-Citra to be raised to RM10,000

KUALA LUMPUR: The government has been urged to raise the maximum withdrawal for the Employees Provident Fund (EPF) i-Citra facility to RM10,000.

In making the call, Pekan Member of Parliament Datuk Seri Najib Tun Razak said the proposal is not a populist move, but stemmed from the urgent need of the people post-COVID-19 pandemic.

"I found that many people have voiced and pressed (on this matter) as they actually have arrears that must settled or have plans to raise capital to start a small business.

"I really hope the maximum (withdrawal) for i-Citra be increased to RM10,000 as the last special withdrawal scheme as this is demanded by the people," he said during the debate at the policy level of the Supply Bill (Budget) 2022 in the Dewan Rakyat today.

Meanwhile, Najib who is also chairman of Barisan Nasional's Backbenchers Club (BNBBC) also proposed to the government to view seriously to encourage the cryptocurrency sector in Malaysia.

"(We) must be aware, the total investments by investors globally in crypto have reached US$2 trillion (US$1=RM4.15). Imagine (if) we can attract 5.0 per cent of that total into our market, the value would amount to RM420 billion.

"Our target is to bring crypto assets to invest in Malaysia, not for Malaysian citizens to take (assets) out," he said.

In another development, Najib also expressed concerns on two measures by the government to raise corporate tax from 24 per cent to 33 per cent for companies with over RM100 million profit in 2022 as well as tax on foreign sourced income.

He said even though they were temporary measures for one year, the increase would send a message that could hit investor confidence whereby they would fear that this matter could recur in the future when the government is desperate to generate additional revenue.

"We must realise, when we choose foreign investors, they also choose us and they have other countries (to pick) as alternative choices," he added.

-- BERNAMA