Muarad stressed the new laws should cater to local, regional and international economic developments because of their influence on economic and investment activities.

He also called for closer cooperation between the private and public sectors to find a modern, investor-friendly legislative and organisational environment.

He warned a tax hike from 14% to 20%, particularly for the commercial sector, would directly hit economic activity and cause huge market upheaval, particularly in terms of supply and demand and could hit local market activity.