Malaysian National Cooperative Movement Berhad wants exemption from ruling requiring cooperatives to set up subsidiary companies in order to obtain tourism licence.
KUALA LUMPUR: The Malaysian National Cooperative Movement Berhad (Angkasa) has urged the Tourism and Culture Ministry to review the Tourism Industry Act 1992 requiring cooperatives to set up subsidiary companies in order to obtain the tourism licence.
Its president Abdul Fattah Abdullah said Angkasa wanted exemption to the ruling as cooperatives were business entities and did not need to set up subsidiary companies, therefore allowing them to be involved in the tourism sector.
“It is sufficient to have the cooperatives. At present, we have to set up subsidiary companies to be involved in tourism. The result is that we lose out on many business opportunities,” he told reporters after the handing-out of education contributions to members of Koperasi Jaya Murni Wanita Berhad, here, today.
Under the Act, companies and organisations or foundations registered with the Companies Commission of Malaysia and the Registrar of Societies are eligible to apply for the licence.
“We want the Act to be amended to include cooperatives, or any organisation registered with the Malaysian Cooperatives Commission,” he said.
Source : Free Malaysia Today