KUALA LUMPUR – The introduction of any new taxes will only be implemented when the economy has recovered, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He said the government was also examining new appropriate taxes besides the reintroduction of the goods and services tax.
“At this moment, when the country is in the process of an economic recovery, I don’t think it is appropriate (for us) to implement a new tax.
“God willing, when the economy has recovered, we can review the study being carried out now and we will see what taxes are good for implementation,” he said during an interview with the Terengganu Strategic & Integrity Institute telecast live on the TV Darul Iman Facebook page tonight.
The committee to review the new taxation system was set up at end-2019, said Tengku Zafrul.
He said apart from increasing revenue, the government was also committed to reducing the country’s debt from 60%, expanding the high-impact sector, and reducing the leakages in the shadow economy, whose size is now estimated at 21% of the gross domestic product. – Bernama, November 24, 2020
