BDO: Income tax cut may shift to consumption tax

KUALA LUMPUR: A reduction of income tax by 1% for companies and by 1% to 3% for individuals in 2016 and 2015 respectively, may reflect a future trend for Malaysia to gradually shift from income tax to consumption tax, according to BDO Malaysia.

Its head of tax advisory, David Lai, said the introduction of Goods and Services Tax (GST) was a necessary, long-deferred move by the Government.