Budget 2023, announced by the previous finance minister, was the largest ever budget at RM372 billion. This cannot carry on since our country’s debt has already exceeded RM1 trillion. theSun theSundaily Opinion Budget2023 Malaysia economy
The government can consider introducing an annual fuel tax for the more expensive cars that costs perhaps above RM200,000. – AFPpichas been running a budget deficit since 1998, and Budget 2023, announced by the previous finance minister, was the largest ever budget at RM372 billion. This cannot carry on since our country’s debt has already exceeded RM1 trillion, and the debt-to-gross domestic product ratio will hover around 60-65%.
The budget grows the economy through focusing on sectors which have a bright future, such as exports; import substitution, especially in food security; and promoting services both domestically and internationally. It is important to encourage foreign investors to use Malaysia as an intermediary point to launch their manufacturing activities or service activities across Asean and then Asia.
Significant amounts of money leave the country tax free for digital payments to foreign service providers. Customs and IRB look at things differently at the same matter. They are not coordinated. It is high time that both agencies came up with a consolidated approach to tax such companies and the taxation of this should be in the hands of one agency rather than both as the principles adopted by both of them appear to contradict one another.
The prosperity tax can be maintained but at a reduced level. To tax at 33% is a bit excessive. This can be tiered into two segments with different rates, those earning between RM50 million and RM100 million, and those raking in more than RM100 million.
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