World Bank: Govt could look into wealth tax, expand capital gains tax

The World Bank said the government could look into removing exemptions from consumption taxes on non-essential items; expanding capital gains tax; exploring other forms of progressive taxes, including wealth taxes; maximising gains from tax expenditures; and enhancing revenue administration.

KUALA LUMPUR: The World Bank has suggested the government look into a fiscal policy that strives towards raising revenue and enhancing spending efficiency.

In terms of revenue, the government may consider strategies that prioritise increasing the progressivity of the personal income tax framework, it said.