IDEAS says the possible reintroduction of the GST needs to be done in a timely and well-planned manner, especially when the local and global economies are still fragile. – The Malaysian Insight file pic, June 11, 2022.
In a statement today, the think tank said other policy measures such as targeted subsidies and a formalised social safety net programme also need to be in place to cushion the potential price hikes post-GST in the immediate term. “In general, GST is needed to sustainably broaden the government’s revenue streams in the face of the widening budget deficit. There is room to broaden the domestic tax base to strengthen Malaysia’s fiscal sustainability.
Based on data from 2011 to 2020, IDEAS said around 55% of the government’s revenue came from direct taxes on average.
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