Veerinderjeet Singh: “For a start, what we should do is widen the scope of the existing consumption taxes in Malaysia, namely the sales tax and the service tax, impose it at a low tax rate, educate businesses, enforce it and then monitor the results."
PETALING JAYA: The country needs a strategic plan on the way forward in respect to developing and improving its sources of tax revenue since oil reserves, from which petroleum income tax and royalties are generated, will dwindle in the near future.
Tricor Malaysia chairman Dr Veerinderjeet Singh said the Covid-19 pandemic provided an opportunity for the government to introduce policies that could help it tackle economic issues exacerbated by the pandemic, and reduce inequality.
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