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.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Structural reforms a key focus for Budget 2023, says Finance MinistryKUALA LUMPUR, June 3 — In an effort to manage external shocks that may affect the wellbeing of the people and businesses, the government has set a medium-term priority of...
Source: malaymail - 🏆 1. / 86 Read more »

Budget 2023: Finance Ministry says govt building resilience through jobs and social protectionKUALA LUMPUR, June 3 — The government would focus on facilitating employment, re-employment, and social protection, especially among the self-employed and informal sector...
Source: malaymail - 🏆 1. / 86 Read more »