Deputy Finance Minister Lim Hui Ying speaks to reporters at the 4th Malaysia Tax Policy Forum in Putrajaya June 11, 2024. ― Bernama picPUTRAJAYA, June 11 ― It is crucial to emphasise the role of effective tax policies in fostering ongoing growth and stability in light of economic progress, said Deputy Finance Minister Lim Hui Ying.
Lim said developing efficient tax systems is not easy involving informal employment in agriculture or small and informal businesses as their fluctuating earnings and cash transactions make it difficult to calculate income taxes and also data reliability as the informal structure of many economies and financial constraints make it challenging to generate reliable statistics.She said the importance of a well-designed and effectively administered tax system cannot be overstated.
“Investment activities will be a key driver, propelled by progress in long-term projects across both private and public sectors. She said in today’s rapidly evolving digital landscape, the transformation of economies is happening at a breathtaking pace, reshaping every facet of society, including handling taxes.
Meanwhile, International Strategy Institute honorary adviser Datuk Seri Dr Mohd Nizom Sairi said one of the transformative changes in the realm of financial systems was the advent of electronic invoicing outlined by the Inland Revenue Board of Malaysia , and it was a strategic move to support the growth of the digital economy.
Effective March 1 this year, the service tax rate on services provided by foreign registered persons will increase from six per cent to eight per cent.
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