As of 2021, Malaysia’s tax revenues stood at about 11 per cent of gross domestic product.
The IMF said the 2023 Budget committed to improving revenue collection by minimising leakages and enhancing tax compliance, guided by the adoption of an MTRS, but it lacks specific medium-term revenue-enhancing measures and a timeline for the medium-term revenue strategy.
"Staff urge the authorities to prioritise the development of a medium-term revenue strategy including the necessary quantitative underlying work in determining gaps and identifying goals, in light of Malaysia’s significant spending needs under the 12th Malaysia Plan and its ambition to achieve high-income status.
The still elevated core inflation, amid a positive output gap, and evidence of a build-up in demand-side pressures, suggest the need for monetary policy to shift to a neutral stance now to keep inflation contained and expectations anchored, it added.
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