All eyes are on the honourable Finance Minister to present an expansionary budget and one that reflects the needs of the people, businesses and strategic direction.
To ensure future transparent and accountable process, monitoring, and execution, the government is also preparing to table a Fiscal Responsibility Act , which will first go through a public consultation process to obtain the necessary inputs, not only from stakeholders but also the public. Some of us are not even paying any taxes as we not only under-declare our income but at the same time, we enjoy all sorts of tax reliefs that the government provides.
The report further added that only 16.5% of 15 million workforce were subjected to individual income tax.With Malaysians too suffering a loss of income due to Covid-19, the 2020 national median income has now dropped to just RM2,062 per month, according to the Statistics Department. This suggests a person with a net salary of RM3,141 per month effectively only pays 0.4% of his annual income as taxes, which is barely the cost of a cup of coffee at Starbucks.
Malaysia also expects average monthly household income to increase from RM7,160 to RM10,065 by the end of the 12MP, a CAGR of 8.1%, while Compensation to Employees is expected to jump to 40% by 2025 from the 37.2% achieved in 2020.
Source: Loan Digest (loandigest.net)
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