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Weaker Economy Prompts Overhaul of Tax Structure

  THE Government plans to overhaul its tax revenue and subsidies in view of the weaker economy and lower income contribution from petroluem.With Government revenue projected to drop by 8.4% to RM148.4bil and operating expenditure by nearly 14%, it is in the final stage of completing the study on the implementation of the goods and services tax (GST), particularly the social impact of GST on the people.The purpose of this study is to ensure that if GST needs to be implemented to stabilise government finance, it will not burden the people.If the Government implements GST, it will replace the current sales and service taxes. An exemption will be granted to the low-income group.The GST rate to be imposed would be lower than the current sales and service tax rates.The economy is expected to grow by between 2% and 3% next year with the budget deficit falling to 5.6% of Gross Domestic Product.To boost revenue, the Government has reinstated real property gains tax based on the old sliding scale which carries a top rate of 30% if the property is sold within two years and the rate will be reduced gradually to a minimum of 5% after five years.The Government has also decided against selling open Approved Permits (AP) cheap from next year. It will impose RM10,000 for each AP to open AP holders.Subsidised fuel, which is currently enjoyed by all motorists, including luxury vehicle owners and foreigners, is a strain on government finance.To ensure that subsidies only benefit the targeted groups, the Government will implement a fuel subsidy management system early next year. This is a more people-friendly system utilising MyKad and the existing infrastructure.Such an approach of providing subsidy only to the targeted group would also be used for other commodities.The Government also plans to raise revenue by getting its agencies to rent out premises, halls, hostels, labs and training equipment to the private sector and public from next year.In addition, Government expenditure will emphasise value-for-money as well as programmes and projects with high multiplier effect.

Source : Star Online