KUALA LUMPUR: The government has always taken a cautious approach to reforming the national tax system, said Finance Minister II Datuk Seri Amir Hamza...
: The government has always taken a cautious approach to reforming the national tax system, said Finance Minister II Datuk Seri Amir Hamzah Azizan.
“An example of tax reform is the increase in the service tax rate from six per cent to eight per cent effective from March 1, 2024, which focuses on activities related to discretionary services and activities between businesses ,” Amir Hamzah said during a question and answer session at the Dewan Negara today.
“The government expects that this change will not cause a sudden increase in the price of services and will not bring a shock to the economy,” Amir Hamzah said. He also said that Malaysia practices an anti-cyclical economic policy in which the Ministry of Finance regulates fiscal policy through the Treasury and monetary policy through Bank Negara Malaysia so that both policies would ensure the level of national economic growth remains stable.
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