{"id":15800,"date":"2022-12-15T16:40:11","date_gmt":"2022-12-15T08:40:11","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=15800"},"modified":"2022-12-15T16:40:13","modified_gmt":"2022-12-15T08:40:13","slug":"malaysia-needs-to-relook-at-existing-taxation-system-says-ex-bnm-governor","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=15800","title":{"rendered":"Malaysia needs to relook at existing taxation system says Ex-BNM governor"},"content":{"rendered":"\n

KUALA LUMPUR, Dec 15<\/strong> — Malaysia needs to relook at its\u00a0existing taxation system in order to have a\u00a0more comprehensive and equitable system, said former Bank Negara Malaysia (BNM) Governor Tan Sri Muhammad Ibrahim.<\/p>\n\n\n\n

He said an equitable tax system should involve value-added tax and it should not become a political issue for better economic growth.<\/p>\n\n\n\n

Muhammad Ibrahim added that this was to ensure Malaysia\u00a0has the revenue options and refrain from entering into a debt trap over the long run although the country\u2019s debt level is still relatively lower,\u00a0about 50 to 60 per cent, compared to Japan and some other countries with over 100 per cent debt level.<\/p>\n\n\n

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\"system\"<\/figure>\n<\/div>\n\n\n

He explained that the implication of the debt trap will not only slow down economic growth but also affect\u00a0the financial market such as the equity and bond market,\u00a0which would lead to investors having less confidence in Malaysia.<\/p>\n\n\n\n

\u201cAs it is now, about 30 per cent\u00a0of the economy does not\u00a0pay tax\u00a0because of the nature of the tax system. \u201cThis\u00a0includes a retired person\u00a0like me or others who could still afford to spend and should be contributing their part\u00a0as they still enjoy good roads, airports and schools,\u201d<\/em> he said at the 12th Malaysia-China Chamber Entrepreneurs Conference (MCEC) here today.<\/p>\n\n\n\n

He noted that excessive borrowing would turn into negative or less growth moving forward and stressed the importance of national champions\u2019 role in various economic sectors.<\/p>\n\n\n\n

\u201cWe need more national champions like Petronas and Top Glove Corp\u00a0Bhd to become global brands that not only create high-paying jobs but also advance the interest of the nation,\u201d<\/em> he said, adding that\u00a0a clear and cohesive plan is needed\u00a0for regulated entities to become a national champion.<\/p>\n\n\n\n

For example, he said BNM was successful in turning domestic-centric banking institutions into regional forces to be reckoned with, and the transformation of the banking sector into a competitive and heavy industry was a long process in nurturing these institutions into entities and competing beyond national borders. <\/p>\n\n\n\n

The 12th MCEC combined online and physical facilitating interactions and business matching for small and medium enterprises between Malaysia and China, while discussing further the Regional Comprehensive Economic Partnership Agreement (RCEP). <\/p>\n\n\n\n

NMT<\/a> as reported by Bernama<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

KUALA LUMPUR, Dec 15 — Malaysia needs to relook at its\u00a0existing taxation system in order…<\/p>\n","protected":false},"author":1,"featured_media":15801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17,524],"tags":[],"class_list":["post-15800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-nation"],"featured_image_urls":{"full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-15-at-4.37.55-PM.png",1168,636,false],"thumbnail":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-15-at-4.37.55-PM-150x150.png",150,150,true],"medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-15-at-4.37.55-PM-300x163.png",300,163,true],"medium_large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-15-at-4.37.55-PM-768x418.png",640,348,true],"large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-15-at-4.37.55-PM-1024x558.png",640,349,true],"1536x1536":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-15-at-4.37.55-PM.png",1168,636,false],"2048x2048":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-15-at-4.37.55-PM.png",1168,636,false],"newsium-slider-full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-15-at-4.37.55-PM.png",1168,636,false],"newsium-featured":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-15-at-4.37.55-PM.png",1024,558,false],"newsium-medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-15-at-4.37.55-PM.png",720,392,false]},"author_info":{"info":["Editor"]},"category_info":"Economy<\/a> Nation<\/a>","tag_info":"Nation","comment_count":"0","_links":{"self":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/15800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15800"}],"version-history":[{"count":1,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/15800\/revisions"}],"predecessor-version":[{"id":15802,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/15800\/revisions\/15802"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/media\/15801"}],"wp:attachment":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}