PETALING JAYA, Nov 9 (Bernama) — The importance of Malaysia’s Budget 2024 proposals to spur nation-building was discussed at a forum organized by KPMG in Malaysia with Dato’ Che Nazli Jaapar, Under-Secretary of the Tax Division at the Ministry of Finance (MoF), and Dato’ Sri Dr. Mohd Nizom Sairi, CEO of the Inland Revenue Board (IRB) of Malaysia. Out of that dialogue, which included live polls, Malaysia’s latest tax reforms to broaden its tax base amidst the current fiscal outlook recorded mixed sentiments by the participating delegates.
A particular reaction surrounded the proposed Sales & Services Tax (SST) rate increase beginning 1 March 2024 from 6% to 8%¹, where only 17% of surveyed delegates were supportive of the SST rate increase, while 32% were opposed to it. A surprising revelation emerged as more than half (51%) of the surveyed delegates expressed a preference for the re-introduction of the Goods & Services Tax (GST) in place of the SST rate hike.