Treasury Secretary-General Tan Sri Dr Mohd Irwan Serigar Abdullah
KUALA LUMPUR: Malaysia is on track to achieve budget deficit of 3% of GDP this year, Treasury Secretary-General Tan Sri Dr Mohd. Irwan Serigar Abdullah said on Monday.
Malaysia studying ways to tax companies that have business in country but book their revenue overseas, he said at the GST Conference 2017 on Monday.
He was citing examples of Facebook, Uber and Google.
Speaking to reporters at same event, Director General of Customs Customs Datuk Seri Subromaniam Tholas said the department aims to amend the Goods and Services Tax (GST) Act to enable the government to collect taxes from foreign companies operating in Malaysia under the digital economy.
He said the amendments would allow the Malaysian Government to tap a segment that is worth “billions of ringgit.”
“It could boost the country’s revenue some time in the future,” he said at a press conference later.
Subromaniam said the Customs Department was targeting propose amendments to the GST Act when Parliament reconvenes next month.
In another development, Mohd Irwan said the Customs Department may be corporatised by January next year, after a delay due to implementation of the goods and services tax (GST),
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