“As this broad tax base system would increase indirect taxes, it will give flexibility to the government to reduce direct taxes (personal income tax and corporate tax) to make Malaysia a more attractive business destination,” says FMM president Soh.
KUALA LUMPUR: The Federation of Malaysian Manufacturers (FMM) has called on the government to reintroduce the goods and services tax (GST) in the upcoming Budget 2023.
It said the tax would be a timely lifeline for the country’s debt dilemma and shore up adequate fiscal buffers to weather the next economic downturn and it should be at a rate that would not burden the rakyat but still help widen its revenue base.
