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Capital gains tax won’t burden the public, assures PM | Scoop
The prime minister has assured that the capital gains tax implemented next year will not burden the people. – Pixabay pic, September 11, 2023
News

Capital gains tax won’t burden the public, assures PM

Prime minister says new tax will expand, diversify taxation sources

Main Author Image
Irwan Shafrizan Ismail
Updated
6:11 PM MYT

 

KUALA LUMPUR – Prime Minister Datuk Seri Anwar Ibrahim has assured that the capital gains tax implemented next year will not burden the people.

Anwar said the new tax is being drafted to expand the tax base, diversify taxation sources, and improve the administration of taxation through the use of technology.

“However, it must be emphasised that this government will not burden the people with tax rulings beyond their means.

“The principle that we have adopted here is economic equality for the well-being of the people,” he said when presenting the mid-term review of the 12th Malaysia Plan in the Dewan Rakyat today.

Anwar added that this is one of the five main points for fiscal reform to ensure the country’s financial management will be more effective and sustainable.

“The government today is responsible for firming up fiscal sustainability through a major shift in the financial system.”

In addition, he said the principles of Maqasid Shariah in governance are to ensure that procurement is done carefully with clear conditions.

“Approvals that are given without going through the details will be detrimental to the country and a waste of people’s money.

“For example, the government managed to save more than RM2 billion in expenses for flood mitigation projects through the implementation of tenders instead of the direct negotiation approach, which was practised before.

“So, the government’s procurement policy will continue to emphasise the open tender method to guarantee the best value and quality as well as transparency in the procurement of projects,” said Anwar. – September 11, 2023

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