KUALA LUMPUR, Dec 5 — The government has no intention of introducing any new tax in the near future, according to the Finance Ministry (MOF).
The ministry said the government’s current focus is on increasing compliance, improving the existing tax system, and implementing tax measures that have already been announced in Budget 2025.
“(Before introducing a new tax,) the government will consider first the revenue requirement; current economic situation; the national tax system’s overall structure, limits, and challenges; possible room for improvement; and most importantly, the impact on and preparedness of the people,” it said in a written reply on the Dewan Negara website.
The MOF was replying to a question from Senator Datuk Seri S. Vell Paari, who wanted to know whether the government has plans to introduce any new tax in the near term and, if so, what measures would be taken to ensure it would not burden the people amid the rising cost of living.
The ministry said that among the taxes to be implemented are the global minimum tax, effective January 1, 2025, on multinational companies with global annual revenue of at least 750 euros and the 2 per cent tax on dividend income starting from the year of assessment 2025.
Also being implemented are e-invoicing in stages starting August 1, 2024, for taxpayers with more than RM100 million turnover, and the self-assessment stamp duty system (STSDS) in phases starting January 1, 2026, based on the type of instruments or agreements.
In addition, there will be a review of the sales tax and broadening of the service tax’s scope from May 1, 2025, and a review of the excise duty on sugary drinks from January 1, 2025.
The MOF said the government will ensure the tax measures announced are progressive and easily administered, do not harm the cost of living or economic growth, and can generate sustainable revenue for the government.
— Bernama
