Finance Ministry: Tax, revenue reforms key to socio-economic resilience

KUALA LUMPUR, June 3 — Putrajaya will continue to implement tax reform initiatives proposed by the Tax Reform Committee, which focused on measures to broaden the tax base, including reviewing broad-based incentives, reliefs and deductions.

Under Budget 2022, the estimated target for tax revenue collection is RM171.4 billion or 10.5 per cent of gross domestic product , comprising RM127.3 billion in direct taxes and Indirect Taxes of RM44.1 billion. Meanwhile, MoF said to support the growth of the digital economy, the government intends to implement e-Invoicing in stages to enhance the efficiency of the country’s tax administration management.

This is in line with the 12th Malaysia Plan , where the focus is on strengthening the digital services infrastructure and digitalising tax administration. It noted that as multinational enterprises depend heavily on digitalisation, existing tax policies need to be reviewed to prevent revenue leakage and profit shifting.

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