KUALA LUMPUR: The government has implemented a three-year strategy to study the country’s taxation system to make it more organised in the long term, said Deputy Finance Minister 1 Datuk Seri Ahmad Maslan.
He added that Malaysia’s current taxation model is not sustainable in controlling the high national debt.
This is because the six-year average revenue to gross domestic product (GDP) is only 11.55 per cent, among the lowest in Asean.
“Among the measures (to expand revenue) is implementing targeted subsidies, expanding the revenue base, improving and reviewing the tax structure and laws, and giving tax incentives,” he told Parliament in response to queries from Datuk Seri Johari Abdul Ghani (BN-Titiwangsa)
Ahmad also said the Fiscal Responsibility Act (FRA) will be tabled in Parliament this year which will help the government regulate spending. – Bernama
