FMM: Reintroduce GST as lifeline for debt dilemma

“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.