The IMF said Budget 2023 committed to improving revenue collection by minimising leakages and enhancing tax compliance, guided by the adoption of an MTRS, but it lacks specific medium-term revenue-enhancing measures and a timeline for the MTRS. — Bloomberg
KUALA LUMPUR: Developing a medium-term revenue strategy (MTRS) remains an urgent priority for Malaysia as the country’s tax revenues are the lowest among the Asean-5 and Organisation for Economic Cooperation and Development peers and have been declining, says the International Monetary Fund (IMF).
As of 2021, Malaysia’s tax revenues stood at about 11% of gross domestic product (GDP).
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