Post-Budget 2022 thoughts — Leonard Yap | Malay Mail

NOVEMBER 22 — Budget 2022 has brought out various reactions and opinions from all walks of life in Malaysia since it was announced on 29 October 2021. Prior to the budget announcement, the main issue for the government to address is having a plan to steer Malaysia back to the right direction economically and socially while managing the Covid-19 situation. This is a delicate issue to manage as this is a balancing act between prioritising economic growth and health cost.

Other measures such as the special voluntary programme for indirect tax and withholding tax on payments made to agents, dealers and distributors were also introduced in this budget to increase revenue. It is interesting to note that the government has stated that it is trying to broaden the tax base without increasing taxes on individuals that are in the B40 and M40 category. However, hardly any longer term measures were announced.

The pandemic has also accelerated the transition to the digital economy and Malaysia is no exception in this respect. Besides upskilling the workforce to have the necessary skillsets to navigate the digital economy, tax incentive for the Digital Ecosystem Acceleration Scheme was proposed to support the development of digital ecosystem in Malaysia. This will create new employment opportunities and boosting digital transformation for entrepreneurs.

A person watching a live presentation of Budget 2022 by Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz at Parliament October 29, 2021. — Pic by Sayuti Zainudin Illicit tobacco alone has cost the Government RM5 billion in uncollected taxes each year. Enforcement activities such as tackling the entry of contraband will need to continue and strengthened to ensure that the gap in collection of taxes will be narrowed.

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