fbpx
Previous
Next

Advertisement Banner

Expansion of tax base is very important. GST is a good solution.

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
tax documents on the table

kopiandproperty.com readers would know that I am for Goods and Services Tax (GST) and not for Sales and Service Tax (SST). There are certainly good reasons and advantages of GST which is a tax implemented by over 160 countries around the world. Yes, that includes that country everyone loves to compare us against, Singapore. Or… are we saying that the government of Singapore made a wrong decision?

The Organisation for Economic Co-operation and Development (OECD) is also supporting the suggestion to reintroduce the GST in the medium term. Article in themalaysianreserve.com The Organisation for Economic Co-operation and Development (OECD) secretary-general Mathias Cormann said the Malaysian government first needs to strengthen tax compliance and efficiency of tax collection, while securing the transparency of its enforcement.

He said that overall tax base could be broadened through reviewing tax relief and exemptions. He said, “The overall design of the personal income tax could also be strengthened through reviewing its tax base, which has been narrowed by various tax relief and exemptions. Some of these tax relief and exemptions would be less targeted and regressive, adding administrative costs.”

OECD also suggests the government to enhance overall social protection, including through social transfers targeted at low-income and vulnerable households. Please do read the full article here: Article in themalaysianreserve.com

Hopefully it will really be back sooner than later regardless of the government of the day

Some friends (with finance understanding) say GST can be reintroduced with a lower %. I am okay with this suggestion. We just need to put in the plans to slowly increase the % and expand this tax base. With a broader tax base, the government will face less pressure with its tax collection. Enough of politics lah. SST is certainly inferior versus GST.

In fact, with a broader tax base, this will ultimately help with one particular rating from one particular international rating agency who now rated us BBB versus A previously. Hope this international rating agency takes note yeah. Happy anticipating more and more different taxes if GST is not back. Remember all those tax rumours before the pandemic came yeah.

Love news like this and more? Sign up for daily investment news updates. Alternatively, Follow me on Telegram here.

Please LIKE kopiandproperty.com FB page to get daily updates about the property market beyond kopiandproperty.com articles. Else, follow me on Twitter here.

Sign up for KopiWeekly. (only once per week of property, finance, investment news and more)

Next suggested article: Inheritance tax. Good or bad?

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

We love to hear from you (Facebook Comment)

LIKE us for property news update, FREE.

Previous
Next

Advertisement Banner

kopiandproperty.com

kopiandproperty.com

kopiandproperty.com is everything about property related writings and news. Enjoy reading with a latte.
Previous
Next

Advertisement Banner

LIKE us for property news update, FREE.

Property investment news everyday? Subscribe for free!

An article a day, keeps updated all the way.

Join 1,544 other subscribers

Property investment news everyday?

An article a day, keeps updated all the way. Subscribe for free!

join the family

Like us for daily investment news and more

Hit the like

%d bloggers like this: