Government will opt for indirect taxes, consumption taxes and non-regressive forms of tax revenues to avoid burdening the people.
Economy minister Rafizi Ramli said while the goods and services tax is the most efficient and transparent tax system, its reintroduction will further hurt poor households.
Although the GST is the most efficient and transparent tax system, its reintroduction will further hurt poor households, he said. “Furthermore, we must also consider its impact on the country’s micro-economic sector prior to prioritising broadening of the tax base,” he said at the launch of the 17th World Chinese Entrepreneurs Convention.
Non-regressive tax revenues essentially mean reduced tax burden on consumers who can least afford to pay for commodities as well as leaving more money in the pockets of low-wage earners. As a result, they are likely to spend more of it on essential goods and stimulate the economy in the process.
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