The paper says the government should look into options such as increasing income tax rates for the rich, as a more pragmatic approach to tackle income inequality. Read more at straitstimes.com.
KUALA LUMPUR - The government will increase the tax rates for the country’s top 20 per cent income earners community by 0.5 per cent to 2 per cent, in the recently tabled 2023 Budget.When a country’s finances are in bad shape, adjusting individual and corporate income tax rates seems like a necessary measure for the government.
Deputy finance minister Ahmad Maslan said on Tuesday that Malaysia is the only country in the world to have subsidised the rich more than the poor, which we beg to differ! As such, we feel that increasing the income tax rates of T20, imposing luxury goods tax and capital gains tax are a more pragmatic approach in diverting government subsidies to the truly deserving or needy.
Because of fuel subsidies, Malaysia has managed to keep transportation costs steady, and this has an indirect effect in controlling goods prices. Although the palpable inflation here is markedly higher than DOSM’s figures, we must realise that the RM66.3 billion government subsidies have helped check a potentially much more serious inflationary crisis.
According to the finance ministry, these RM66.3 billion subsidies make up two-thirds of the RM99 billion development expenditure in the 2023 Budget. But if the previous government managed to cap the spiralling inflation to more manageable levels, we seriously don’t think their policies were flawed!
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