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Study to widen Malaysia s revenue base ongoing

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.

Year Ender 2020 – Wishlists for a stronger economy in 2021

Year Ender 2020 – Wishlists for a stronger economy in 2021 The promotion of high-quality, high-technology investments is seen as crucial to support a resilient economic recovery. – REUTERSPIX PETALING JAYA: Economists are optimistic for Malaysia’s economy to stage a solid rebound next year after the Covid-19 pandemic shattered the country’s economy in 2020, with wishes ranging from structural economic reforms, technology-focused initiatives to political stability to strengthen the economy. World Bank Group lead economist for Malaysia Richard Record said 2020 has clearly been a challenging year with a global recession unlike anything seen in decades. Malaysia has not been spared and saw a deep economic contraction over the year and much hardship.

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