KUALA LUMPUR, April 20 (Bernama) — Tax collection could be raised without resorting to additional new taxes such as capital gains tax, wealth tax and the reintroduction of goods and services tax (GST) by addressing tax non-compliance and systemic inefficiencies. Increased tax collection is critical in order to finance the sustainable development and transformation of the nation.
To support higher tax collection, “The shadow economy and tax administration are the immediate areas which we should be looking at while we push the economy forward. No other taxes should be implemented until we reach the status of a high income and highly-developed nation,” stated MIA President Dr. Veerinderjeet Singh at the recent Malaysian Tax Conference 2021, during a panel session entitled: Reconstruction of the Malaysian Tax System: Where are We Heading?