He said this included the implementation of accrual accounting, the setting up of the Public Finance Committee and the reintroduction of the Sales and Services Tax.
“Meanwhile, the PFC will enhance the effectiveness of the government’s financial management, thus sending a clear message to the people that the government will not borrow or misuse the people’s money,” he said in his opening speech at the National Taxation Seminar, here, today. In addition to the PFC, the government also established the Tax Reform Committee to reduce the tax gap and improve the effectiveness of tax collection so that it will be in tandem with the nation’s economic growth.
Lim added that under the 2019 Budget, the government had undertaken fiscal consolidation by reviewing fiscal deficit as a percentage of gross domestic product to improve competitiveness and the people’s wellbeing.“However, the increasing risk of global economic slowdown and the unexpected expenditure to rescue problematic institutions inherited from the previous administration required early fiscal measures,” he added.
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