Malaysia’s shadow economy worth around RM300b, says Guan Eng | Malay Mail

GEORGE TOWN, Nov 11 — The size of Malaysia’s shadow economy is at around RM300 billion and integrating a fifth of it into the formal sector could bring the country between RM5 billion and RM15 billion in additional revenue, Finance Minister Lim Guan Eng said today. He said the country’s...

BY OPALYN MOK

He said the country’s shadow economy is higher than the ranges of six to 15 per cent of gross domestic product in less developed countries to rich countries. The minister was talking at the 40th CATA Annual Technical Conference 2019 themed “Addressing the shadow economy and digitalisation in securing revenue for sustainable development”.

He also blamed Malaysia’s large shadow economy on kleptocracy by the previous Barisan Nasional federal administration. He said with effective compliance and better sharing of information with other countries that tax administrators can better enhance their systems against tax evasion and corruption.

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