LAST week, this column highlighted Malaysia’s debt dependency and how the government should formulate a strategy to raise its tax revenue to reach 15% of gross domestic product (GDP) by 2025.
As it is, Malaysia has been lax in taxing its population and businesses to the extent that we have a very low tax to GDP ratio of less than 11% currently.
We need to enhance our taxation system to enable the government to collect more taxes. Before even attempting to introduce new taxes, we should review our current taxation system to improve our collection.
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