Measures that could broaden government revenue include taxes on luxury goods tax and capital gains. Read more at straitstimes.com.
KUALA LUMPUR - The Malaysian government’s ability to meet its revenue targets will prove crucial to thewhich is also the biggest to date at RM388.1 billion .
The premier, however, announced tax cuts for low and middle-income groups, with the government bridging the shortfall by raising taxes for the high-income group. Despite that, its net tax revenue will drop by RM900 million. Socio-Economic Research Centre executive director Lee Heng Guie said that the government’s challenges in having a sustainable revenue stream to meet high commitments and expenditure obligations remain.“Malaysia’s tax revenue to Gross Domestic Product ratio of 11.6 per cent in 2023 is low compared to the Asia-Pacific region ,” he told The Straits Times.
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