Malaysia’s taxation policies must be guided by two fundamental principles: to tax when it is absolutely necessary, and to not be a burden to taxpayers, said Prime Minister Datuk Seri Anwar Ibrahim.
“Our intention is, of course, to encourage (taxpayers) to be more productive and contribute to the nation,” the Finance Minister said in launching the two-day National Tax Conference 2023 in Kuala Lumpur today.
Anwar said the government should make sure taxes collected are spent wisely without leakage.
These two fundamentals, he said, should be applied in Budget 2024, which is set to be tabled on October 13.
Anwar said foreign and domestic investors would see the principles as opportunities for good business.
“This will not only reward (investors), but also nurture a sense of belonging or sense of responsibility for them that is consistent with the concept of Madani,” he said, adding that even those who are deprived and marginalised would be made able to compete and survive.
