More significant measures to raise government revenue will be necessary in the near future, says tax leader.
PETALING JAYA: An antidote to the Malaysian malaise of failing to take the long-term view remains out of reach.
For PWC Malaysia tax leader Jagdev Singh the increase in the sales and service tax from 6% to 8% is just a stopgap measure.Veerinderjeet said he had hoped to see a five-to-10-year plan on how the government will improve tax collection, with milestones placed along the way to track progress. He said it was also reasonable to raise the SST by 2% while giving exemptions on food and beverages to ensure it does not have a direct impact on the people.Jagdev sees the move to raise the SST by 2% as a prelude to the reintroduction of the goods and services tax .
However, both agreed that the tax increase for other services such as logistics, will also raise the cost of doing business, and the additional cost will be passed on to consumers through higher prices.Jagdev and Poovarni said it was no surprise that the capital gains tax of 10%, which was initially announced last year, is applicable only for the sale of shares held by companies and not individuals.
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