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KUALA LUMPUR (March 18): The federal government will not be introducing any new additional taxes for now as it is seeking ways to broaden its revenue post-pandemic, according to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.
Tengku Zafrul added the ministry is currently undertaking a study to review the national tax regime and noted that any new introduction of tax such as Good and Services Tax (GST) is not a priority for now.
“The local economy is currently at a recovery phase and I don’t think it's appropriate to introduce any new additional tax for now.
“The timing (introduction of a new tax system) is also important,” he said during a media briefing in Putrajaya today.
Earlier this week, Ministry of Finance deputy secretary-general Zakiah Jaafar said in a forum that the ministry is reviewing tax incentive packages to further consolidate them and make them more targeted and strategic.
She also highlighted that extra fiscal space was created by establishing the Covid-19 Fund under the Temporary Measures for Government Financing Act, which allows for larger expenditure through borrowings in a limited period.
Malaysia previously introduced GST at 6% in April 2015, and it was later replaced with the Sales and Services Tax (SST) from September 2018 onwards.
According to The Royal Malaysian Customs Department, the Malaysian government had collected a total of RM44 billion in GST in 2017.
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