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76% of the respondents taking part in a poll, agreed that the Malaysian economy would benefit from regulating vaping products.
Earlier this year, the Malaysian Vape Chamber of Commerce (MVCC) called onto the Malaysian government to set in place appropriate regulations on nicotine-containing e-liquids. He said that amongst other things, this move would have a positive effect on the local economy by creating more jobs and attracting foreign direct investment (FDI).
“The findings show that there are more than 3,300 businesses related directly to the vape industry, with a workforce of more than 15,000 workers,” said the MVCC on launching its Malaysian Vaping Industry report.
MVCC president Syed Azaudin Syed Ahmad, said that the report findings show that the sector is a viable and growing industry in Malaysia, and that it has facilitated the growth of local entrepreneurs. “In addition, the Malaysian vape industry currently has an established ecosystem comprising manufacturers, importers and retailers, and a growing distribution and logistics network,” he said.
A recent poll has indicated that the public is of the same opinion. Titled Malaysian Insights & Perspectives on Vape, the poll was commissioned by the Malaysian Vape Industry Advocacy (MVIA) and conducted by market research firm Green Zebras. The compiled responses indicated that 76% of the respondents agree that the Malaysian economy would benefit from regulating the products.
Moreover, 87% agreed on a vape tax and 74% think that the government could spend the collected revenue on areas of importance, such as education and the economy. “Recent reports from local industry groups already confirmed that the vape industry has significant potential to contribute to the Malaysian economy with capabilities to create jobs, develop existing businesses and SMEs (small and medium enterprises) within the industry, and attract investments,” said MVIA president Rizani Zakaria.
“This is a fact that cannot be ignored, and the government must act quickly to introduce regulations of vape products,” he added. Rizani said that the government should impose a tax and put it to good use. “However, the current excise taxation structure does not include vape e-liquid containing nicotine, which makes up the majority of the local market. This inevitably means that revenue collection will not be maximised, and the implementation of excise duties will be ineffective.”
“The government should expand the tax structure to include vape e-liquid containing nicotine and introduce clear regulations for this product. That way, the government can maximise revenue collection and at the same time ensure consumers are using regulated products in Malaysia,” he concluded.
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