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New taxes to pay debts; small kitten back to Asian tiger?

Posted in Malaysian economy and more, and Personal Finance

GST has been zerorized. People seems to be happy and we could see that car sales hit record levels. Earlier article here. Some car companies had to work around the clock to fulfill some of these requirements. SST has already started for slightly over one month. Well, there are debts beyond just the difference of collection between these two taxes. Here’s what the government may be planning for the country in the near future. Remember, tax is the only thing that all Malaysians will not be able to escape from. Some are NOT paying their PTPTN loans but no one can refuse to pay taxes yeah.

Our Prime Minister Tun Dr Mahathir Mohamad said that the government will have to devise new taxes to pay off its debts. The reason for this is because the previous administration left many problems that have turned Malaysia from an Asian tiger into a small kitten. Another way out if not taxes would be to sell some of the government’s land to locals in order to raise new sources of funds. He said one one major problem which the government was currently facing was in finding the money needed to pay off the huge debts left behind by the previous administration. Some suggested new introduction of new taxes but he said this will not be popular.

Some assets that the government could consider selling would be land. He said that the previous government sold a lot of land to foreigners and he says the current government would not be doing the same. He said, “I don’t think that would be good for us, but we can still sell land to locals so that they can develop the housing projects and settlements that they believe will give them returns.” Beyond just land, the government may also sell some of its other valuable assets but he did not elaborate further on what are those. He was speaking in an event called ‘Malaysia: A New Dawn’ which was jointly organised by Malayan Banking Bhd, CIMB Group Holdings Bhd and RHB Banking Group. He said, “It is hoped that with forums like this, people can give ideas to the government and that the government can implement some of those ideas. I am sure that this country will again grow to become yet another tiger.” The article in TheStar.com.my here. Happy following the news about taxes in Malaysia.

written on 9th Oct 2018

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