Enhancing sustainable tax revenue
As the government looks to raise revenue to tackle its growing fiscal deficit without compromising its spending a growing topic of conversation is on the potential re-implementation of GST.
KPMG in Malaysia’s Head of Tax, Tai Lai Kok, looks at GST as being an extremely efficient system from a collection mechanism standpoint and also one that catches a wider base of taxpayers.
“We’ve gone through the GST and talking about GST 2.0 now, we’ll surely be able to learn from the lessons of the past, ” he says, adding that to a certain extent, Malaysia never lived through the GST regime long enough in order for price normalization to take place.
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