‘Mix and match’ ― moving beyond the EPF ― Rais Hussin and Jason Loh
OCTOBER 29 ― The case for moving towards serious consideration of a taxpayer-based retirement savings system to complement and supplement the Employees Provident Fund for the B40 and lower M40 ― whose savings have been depleted as a result of the i-Sinar, i-Lestari, and i-Citra withdrawal schemes ― should be supported.
By decomposition into the two EPF accounts, “ [around] 6.3 million Account 1 holders and nine million Account 2 holders [have] less than RM10,000 balance” as highlighted by Professor Geoff Williams . In an EMIR Research article, “Budget 2022 ― Please consider very carefully before bringing back the GST” , it’s said that the GST, unlike the SST, has that reverse cascading effect which effectively means that the former allows for the X per cent imposed to be deducted for input tax purpose, ie., reclaimable.
This rather than as typically understood in terms of cross-border transactions, ie., differential tax regimes as the primary factor . The point is, the clamp down on transfer pricing has been done effectively and independently of the GST. Under the EU model, transfer pricing has been a field day for the multinational companies , especially Big Tech. Under the “Double Irish Dutch Sandwich” tax avoidance scheme, the effective tax rate was near-zero because, eg., under EC Directive 2003/49 interests and royalty payments made by Company A in one member state to Company B in another member state are tax-free.
Ideally, it should be mandatory for all B40 income earners , ie., including those qualified to pay income tax. The tax schedule would progressively rise accordingly. As pension, the contributor will receive a monthly payment on retirement.
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