If implemented correctly, the data obtained can ensure each party pays the correct tax rate.
Tax revenues contribute to almost 80% of government revenues and there is a need to diversify that revenue source, says Jagdev.
PricewaterhouseCoopers Taxation Services Sdn Bhd ’s partner Jagdev Singh said some people may look at the implementation of the initiative as trivial. “If you look at it, tax revenues contribute to almost 80% of government revenues, and yes, there is a lot of push and a need to diversify that revenue source,” he said.
“It is not just in the form of new taxes because taxes are difficult and painful. But it’s more in trying to create an ecosystem that reduces the leakages and the grey economy,” he said.On the goods and services tax , Jagdev said if the government wishes to re-implement the tax system, the ideal reintroduction rate would be at 6%, the same as the rate implemented previously.
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