Malaysian Deputy Minister Liew Chin Tong calls for Asean unity in upholding global minimum tax standards and avoiding a 'race to the bottom' in economic policies. He emphasizes the importance of Asean's transition into a middle-class consumer market.
Asean member states are urged to collaborate on avoiding the circumvention of the global minimum tax (GMT) as countries implement it. Deputy Investment, Trade and Industry Minister Liew Chin Tong emphasized this need, advocating against a 'race to the bottom' in wages, tax cuts, or tax holidays. Instead, he stressed the importance of upholding environmental standards.
Liew pointed out Asean's potential to become a middle-class society within two decades, transforming into a significant consumer market beyond its current role as a production hub in export-led industrialization. He stated the need for Asean to collectively inform multinational corporations that tax collection is essential for the well-being of its people and the emergence of a robust middle-class consumer base. Liew highlighted the GMT as a key discussion point during Malaysia's Asean chairmanship, alongside strengthening supply chains and promoting Asean's position as a middle power
ASEAN Global Minimum Tax Economy Middle Class Trade
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