Anwar Hints at New Taxes as Malaysia Seeks to Narrow Budget Gap
- Maintains target of cutting deficit to 3.5% of GDP by 2025
- Options open on direct or indirect taxes: Economy Minister
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Malaysian Prime Minister Anwar Ibrahim signaled that the Southeast Asian nation may be considering additional taxes to boost state revenue and meet the target of almost halving the fiscal deficit by 2025.
Malaysia will “broaden the tax base, diversify tax sources as well as improve taxation through technology,” the premier who also serves as finance minister, told parliament Monday as he unveiled the mid-term review of the 2021-2025 economic blueprint. “Among the new taxes being formulated for implementation in 2024 is the Capital Gains Tax,” he said, without providing details.