KUALA LUMPUR – Malaysia’s taxation policies must be guided by two fundamental principles, namely to tax only when it is absolutely necessary and it should not burden taxpayers, said Prime Minister Datuk Seri Anwar Ibrahim.
“Our intention is, of course, to encourage them to be more productive and contribute to the nation,” he said when delivering his opening remarks at the two-day National Tax Conference 2023 beginning here today.
Anwar, who is also the finance minister, said the government should ensure that taxes collected are spent wisely without leakages.
According to him, taxation is necessary, but the government should not overtax and burden the people.
“The changes that we have to take, including in the upcoming budget (Budget 2024 scheduled to be tabled on October 13), will be clearly formulated based on the principles of ‘tax when it is necessary, and should never be seen as a burden for the public and business community’,” he said.
Anwar said foreign and domestic investors would see that as an opportunity in the business industry.
“This will not only reward them, but at the same time, nurture the sense of belonging or sense of responsibility for them that is consistent with the concept of Madani,” he said, adding that even those who were deprived and marginalised would be able to compete and survive. – Bernama, August 1, 2023
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