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KUALA LUMPUR: Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz says expanding the sales and service tax (SST) is one of many options available to expand the government’s revenue base, but the time must be right. suitable.
“We are examining several options to intensify our economy and the important thing is to expand the government’s revenue base.
“But it must be at the right time because we must consider the impact on people, the economy, the cost of living and so on,” he said today in an interview on BFM Radio.
Tengku Zafrul said this when asked if the government is considering expanding and increasing the SST, following the expected improvement in gross domestic product (GDP) in 2021, which is forecast between 5.5% and 8.0%.
He said the ministry cannot rule out any possibility or route of taxation as long as it is fair taxation.
The government needs to optimize its existing tax collection, he said, adding that there are many leaks that need to be reviewed.
“We need to review the scope of taxes and how efficient the current tax system is,” he said.
Asked about the efficiency of tax collection today, he said it is “debatable.”
“We are also considering measures to manage the underground economy. But it is important that we take feedback from companies ”, he added.Called
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