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Tuesday, May 23, 2017

‘Malaysia still on track to attaining high-income status’

Pemandu says strengthening the tax administration, undertaking subsidy rationalisation measures and boosting expenditure control has helped keep the country on track.
pemandu
KUALA LUMPUR: The government is confident that Malaysia remains on the right track to attaining high-income status, as envisaged by the National Economic Advisory Council (NEAC) in the New Economic Model (NEM), following the achievements of the Strategic Reform Initiative (SRI).
The Public Finance SRI was designed in early 2011 to implement public finance-related policies recommended by the NEAC to strengthen Malaysia’s fiscal position that had weakened following the 1998 Asian financial crisis.
“The initiative includes strengthening the tax administration and compliance by the Inland Revenue Board of Malaysia (IRBM) and the Royal Malaysian Customs Department (RMCD),” said the Performance Management and Delivery Unit (Pemandu) in the National Transformation Programme Annual Report 2016 released today.
It said on an annual average, IRBM and RMCD managed to collect RM2 billion and RM150 million, respectively, through the implementation of initiatives the agencies had designed during the Public Finance Reform SRI lab.
As part of the SRI initiatives and to ensure the long-term sustainability and stability of Malaysia’s economy, the government made the difficult decision to introduce the goods and services tax (GST) in 2015, a broad-based tax which replaced the sales and services tax (SST).
“While the GST is implemented on a broader range of goods and services compared to the SST, it was introduced at a lower quantum than that of the sales tax (10%) and service tax (6%),” it said.
On expenditure, Pemandu said the government had undertaken subsidy rationalisation measures, such as managed float fuel pricing mechanism, as well as the removal of sugar and flour subsidies.
“One direct result of these measures was the government’s ability to introduce targeted, direct financial aid through programmes such as BR1M, which channels assistance to the vulnerable and low-income groups,” it said.
Another policy initiative proposed through the NEM was the strengthening of expenditure control through the implementation of outcome-based budgeting, which replaced the modified budgeting system.
“The new system allows us to optimise the outcome of expenditure management, especially in ensuring better results and value for money through targeted programme implementation and minimum redundancy of programmes,” it added. -FMT

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