PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim has stated that Malaysia must prioritize good governance before considering new forms of taxation. He believes that taxation should be secondary to addressing issues of governance, such as leakages and corruption. Anwar expressed this view during the Symposium on the Path Towards Greater Prosperity for Malaysia on Wednesday (Oct 18).
As both Prime Minister and Finance Minister, Anwar highlighted the importance of tackling the country’s governance problems, endemic corruption, and deficit figures. He acknowledges that discussions on implementing Value Added Tax (VAT) and Goods and Services Tax (GST) are relevant, but they should not overshadow the need to improve governance and address existing issues.
Anwar proposed implementing policies to address leakages, one of which is targeted subsidies. He stated that while he is not against the ultra-rich or business, the government should stop subsidizing the wealthy.
Anwar emphasized the importance of policy clarity, specifically mentioning the New Industrial Master Plan (NIMP) 2030, National Energy Transition Roadmap (NETR), and the Mid-Term Review (MTR) of the 12th Malaysia Plan (12MP). He believes that political stability is also crucial to enable the government to implement radical policies and reform the economy.
Regarding the tax on sugary products, including drinks, Anwar proposed that the tax revenue should be allocated exclusively for medical treatment of diabetes and sugar-related diseases, rather than contributing to the Treasury.
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