FMM: Reintroduce GST in Budget 2023 as lifeline for country’s debt dilemma

FMM: The government should maintain the GST registration threshold at RM500,000 and minimise delay in refunds. theSun theSundaily GST Taxes reintroduce Budget2023 debt dilemma

: The Federation of Malaysian Manufacturers has called on the government to reintroduce the Goods and Services Tax in the upcoming Budget 2023.

“As this broad tax base system would increase indirect taxes, it will give flexibility to the government to reduce direct taxes to make Malaysia a more attractive business destination,” said FMM president Tan Sri Soh Thian Lai in a statement today. Soh said manufacturers had proposed improvements to GST 2.0 to be more consumer-and-business-friendly, among others, reducing the GST rate to four per cent to boost conducive business conditions, gradually bringing down the corporate tax rate to 20 per cent and zero-rate all essential goods and services.

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