Malaysia is urged by the International Monetary Fund (IMF) to prioritize the establishment of a medium-term revenue strategy (MTRS) due to its comparatively low tax collection within the ASEAN-5 and OECD groups, which continues to decline.
IMF urging Malaysia to prioritise certain revenues
Malaysia’s tax revenue in 2021 accounted for approximately 11% of its gross domestic product (GDP). While Budget 2023 emphasizes the commitment to improve revenue collection through the MTRS, Malaysia lacks specific measures and a timeframe to enhance medium-term revenue outcomes.
The IMF suggests considering the reintroduction of the Goods and Services Tax (GST) and preparing for its implementation to establish a consistent revenue source. Additionally, they also recommend tightening Malaysia’s monetary policy for a neutral stance and providing clear explanations for policy decisions.
The IMF also emphasizes the importance of foreign exchange interventions in addressing market uncertainties.
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