Building up the country one reform at a time
The Star, 25 January
To maintain competitiveness and relevance in the world stage, Malaysia too will need to undergo a holistic and robust transformation by implementing tax reforms that focuses on measures to broaden the tax base and reduce tax leakages.
With Malaysia’s consumption subsidy expenditure for 2023 projected to hit RM77.3bil, the implementation of a targeted subsidy program (if devised properly) by way of cash transfers directly to the B40 and M40 group will surely alleviate the government’s financial burden. This then can be reallocated to other development and recovery initiatives.
Authored by Soh Lian Seng, Head of Tax at KPMG in Malaysia, the commentary piece explores the need for the government to consider a robust tax reform for the upcoming Budget 2023 proposal; otherwise, the nation risks being left behind.
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