It's time to relook at the country's tax systems; make way for new ones, says expert
SHAH ALAM - The current tax system is not progressive enough; it's time to make way for new ones, says expert.
Universiti Malaya Social Wellbeing Research Centre Dr Zulkiply Omar stated that it was past time to address the taxation system, despite the Budget 2023 which was tabled recently, didn't mention of any taxation system overhaul efforts.
"This is long overdue as our tax system is not progressive enough.
"It's about time we take a closer look at this, even though the current Budget 2023 does not address anything.
"In fact, we have one of the lowest tax collections—less than 11 percent of Gross Domestic Product (GDP). Hence, progressive taxation is the answer," he said.
Zulkiply said this during Sinar Daily's Wacana English Edition with the theme of 'Rationalising Madani Budget 2023'.
Commenting further, Zulkiply says the country has a lower tax rate and people keep getting wealthier.
"People are getting richer, but they aren't reaping the benefits for the country." "This is just the beginning for the refine and reform the tax system, to be more sustainable, taxing people the same whether you are rich, poor or middle class.
"It is a way forward," he said.
Also present in the Wacana programme today is the Institute for Democracy and Economic Affairs (IDEAS) Deputy Research Director Sri Murniati Yusuf and Federation of Malaysian Business Associations Chairman Datuk Abdul Malik Abdullah.