No need for new taxes, just tap the ‘shadow economy’, govt told

KUALA LUMPUR: The government does not need to impose new taxes but should instead generate revenue from the untapped “shadow economy” that accounts for at least 21% of the gross domestic product (GDP), says a tax expert.

Malaysia Association of Tax Accountants president Datuk Abd Aziz Abu Bakar said that since the shadow economy accounted for about RM300bil of the estimated RM1.45-trillion GDP, the authorities could easily increase revenue collection by at least RM36bil.