Think tank moots GST, lower income taxes and cash-flow relief for SMEs
Center for Market Education calls for a revenue-neutral restructuring of the tax system by shifting part of the tax burden from income and corporate profits towards consumption.
The Center for Market Education (CME) has proposed a comprehensive overhaul of Malaysia's tax system, which includes reintroducing the goods and services tax (GST), lowering personal and corporate income tax rates, and easing tax-related cash-flow pressures on small businesses. The think tank argues that the current tax system should be revenue-neutral, shifting part of the tax burden from income and corporate profits towards consumption.
CME CEO Carmelo Ferlito emphasized that Malaysia does not need more taxes, but rather better taxes that broaden participation in the fiscal system and improve incentives for income generation. The proposed changes involve a broad GST with a few exemptions, lower income tax rates, and direct support for households in place of price controls.
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- Think tank moots GST, lower income taxes and cash-flow relief for SMEs freemalaysiatoday.com
