Taxation system must change to help domestic industries thrive, says PM
Prime Minister Tun Dr Mahathir Mohamad visits a booth during the MARIC: Moving the Rail Industry Forward exhibition in Cyberjaya April 16, 2019. — Picture by Miera Zulyana
The prime minister said the taxation system must change to give local businesses and industries the edge over foreign firms as this will help develop Malaysia’s economy further. “So we will need to change the policy of the government, and this may involve re-planning the taxation for particular industries, so that more products will be produced locally, and we will reduce imports,” Dr Mahathir told a forum after attending the Malaysia Rail Industry Corporation annual general meeting at the Malaysian Industry-Government Group for High Technology Partnership Hub here.
The participant, whose name is not known, pointed out that local companies were also hit by the Sales and Service Tax , which he said made it harder for them to thrive.
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