KUALA LUMPUR: The indirect tax and non-tax revenue on production and imports is projected to expand further at 4.5 per cent in 2024 in tandem with the...
: The indirect tax and non-tax revenue on production and imports is projected to expand further at 4.5 per cent in 2024 in tandem with the continued efforts to increase revenue collection and strategies to implement a wider tax base.
Meanwhile, the MoF said the share of gross operating surplus to GDP is forecast to decline to 63.8 per cent in 2024 compared to 64.9 per cent in 2023, with capital owners continuing to receive a sizable share of GOS. Besides, the ministry said the existing initiatives will be intensified by adopting advanced technology in production activities, improving productivity through retraining and upskilling, as well as reducing reliance on low-skilled foreign workers.
“Thus, the transformation from a low-wage labour market structure to a decent wage standard is vital in achieving a more equitable distribution of economic growth between employees and capital owners,” it added. The MoF explained that the share would be attributed mainly to income from the services and manufacturing sectors, particularly in electrical, electronic and optical products and tourism-related industries.
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