The GST, which was implemented on April 1,2015 at a rate of 6%, was zero rated in 2018 and replaced with the current sales and services tax.
PETALING JAYA: The government is considering reinstating the goods and services tax (GST) system as part of its fiscal reform to broaden its revenue and reduce its dependency on commodities.
Finance Ministry deputy secretary-general Zakiah Jaafar said that the government is embarking on a study on how to widen the country’s revenue base, which includes reviewing the existing tax structure and possibly imposing new taxes.
“So now, we are slightly distracted in maintaining a countercyclical stance until recovery is fully entrenched despite limited fiscal room.
Relook some policies to attract more quality FDI, World Bank tells Malaysia
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Next generation reform plans
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PETALING JAYA: Malaysia will achieve a high-income economy between 2024 and 2028, but needs to improve its competitiveness, inclusiveness, efficiency and increase women participation in the workforce, according to the World Bank’s flagship report, “Aiming High Navigating the Next Stage of Malaysia’s Development” yesterday.
In the report launched on Tuesday, it said Malaysia’s GNI per capita is at US$11,200 according to the latest estimates, only US$1,335 short of the current threshold level that defines a high-income economy.
According to the report, the development model that worked in the past is no longer enough to help Malaysia navigate the next stage of its development.
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New Delhi: Malaysia is likely to transition to a high-income economy between 2024 and 2028, a reflection of the country’s economic transformation development trajectory over past decades. However, further reforms are required to successfully join the ranks of other leading and developed economies, according to a new World Bank report – Aiming High – Navigating the Next Stage of Malaysia’s Development launched today.
Malaysia‘s GNI per capita is at US$11,200 according to latest estimates, only US$1,335 short of the current threshold level that defines a high-income economy. Progress towards the threshold has been slowed by the impact of the COVID-19 pandemic and the country has the opportunity to undertake bold reforms to sustain future growth and to ensure that the proceeds of growth benefit all segments of the population.