Malaysia has no plans to introduce consumer taxes-PM
2023.02.14 01:35
Malaysia has no plans to introduce consumer taxes-PM
By Ray Johnson
Budrigannews.com – Prime Minister Anwar Ibrahim stated on Tuesday that Malaysia does not intend to reintroduce a goods and services tax (GST) or any other general consumption tax.
Anwar, who is also the finance minister, told parliament that the government will instead look to cut the subsidies that wealthy people get.
In light of rising living costs and high levels of government debt, Anwar, who took office in November, has ordered a review of Malaysia’s subsidy program with a focus on aid to low-income groups.
Malaysia provides subsidies to all citizens, with the most expensive items being cooking oil and fuel for transportation. It also helps out with flour, sugar, and electricity.
Anwar stated that the debt and liabilities of the government were currently approximately 82% of GDP at 1.5 trillion ringgit ($114.86 billion).
He stated, “We need to find ways to increase revenue and conduct a review of public expenditures without putting the people under too much stress.”
On February 24, Anwar is anticipated to present a revised government budget.
