MIDA: M sian firms vulnerable to global technological shift due to lack of R&D thesundaily.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thesundaily.my Daily Mail and Mail on Sunday newspapers.
Monday, 05 Apr 2021 06:10 PM MYT
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APRIL 5 The past few weeks have shown what Malaysia can do when it aims high. The maiden win of national shuttler Lee Zhi Jia who emerged victorious in the All England Open Badminton Championships, the world’s oldest and most prestigious badminton tournament, is a great metaphor for this kind of spirit – and it should be replicated in the sphere of economic development. On March 16, 2021, the World Bank in Malaysia released a new Flagship Report
A
iming High Navigating the
Next Stage of Malaysia’s Development which looks at the next frontier of the country’s development as the reality of being a high-income economy becomes all the more apparent. Over the next few years, Malaysia will pass the high-income threshold, calculated in GNI per capita, putting the country on the same bar as the world leading economies.
17 Mar 2021 / 09:30 H. World Bank lead economist has urged Malaysia to raise the rate of women’s participation in the labour force. – REUTERSPIX
PETALING JAYA: The World Bank has laid out the need for Malaysia to adopt and implement a series of economic reforms as it is at a critical position to make the transition into a high-income nation within four to eight years, according to its country manager, Firas Raad.
He said the government needs to embark on reforms relating to competitiveness, labour participation of women, investments, share of high skilled employment as well as fiscal capabilities, to prepare for that transition and sustain growth over the medium to long term.
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 thesundaily.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thesundaily.my Daily Mail and Mail on Sunday newspapers.