A World Bank economist has suggested that Putrajaya shorten its list of goods exempted and zero-rated from the Goods and Services Tax (GST), saying Malaysia needs to broaden its tax revenue to help offset the slide in oil income. Dr Frederico Gil Sander, a senior economist on Malaysia, said the GST will help reduce Putrajaya’s reliance on oil-related revenue, and contribute to the progress of structural reforms to the economy. “The current decline in oil revenues could be an opportunity to review exemptions and zero-rated items and ensure that only those essential goods are not taxed,” Gil Sander told Malay Mail Online over email. PricewaterhouseCoopers Taxation Services Sdn Bhd (PwC) executive director Raja Kumaran was quoted in English daily The Star in October 2014 saying that Malaysia’s zero-rated and exempted lists appear to be the longest in the region. [TMMO]
Posted on: Wed, 21 Jan 2015 23:27:35 +0000
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