KUALA LUMPUR - The government does not dismiss the possibility of reintroducing the Goods and Services Tax (GST) that was previously abolished.
However, Economy Minister Rafizi Ramli said that the government would prioritise strategies to expand the country's revenue sources, including a focus on developing the Capital Gains Tax, scheduled to be implemented in 2024.
"The government will adhere to our strategies and remain open to implementing any means to achieve fiscal sustainability through broader sources.
Therefore, whether it will be GST, Capital Gains Tax, or any form of direct or indirect tax, we will only decide on a case-by-case or year-to-year basis.
"Any announcements regarding tax introduction will be made by the finance minister through the budget presentation," he said during a press conference in the parliament lobby on Monday.
Last March, Prime Minister Datuk Seri Anwar Ibrahim stated that Malaysia was not ready to reintroduce GST because the level of income of the citizens was still low.