KUALA LUMPUR, Dec 5 — The government has no intention of introducing new taxes in the near future, according to the Finance Ministry (MOF).
The ministry said the administration’s present focus is on increasing compliance, improving the existing tax system, and implementing tax measures announced in Budget 2025.
“(Before introducing a new tax,) the government will consider first the revenue requirement; the current economic situation; the national tax system’s overall structure, limits and challenges; possible room for improvement; and most importantly, the impact to and preparedness of the people,” it said in a written reply on the Parliament website.
The MOF was replying to a question from Datuk Seri S. Vell Paari about whether the government plans to introduce new taxes in the near term and, if so, what measures would be taken to ensure it would not burden the people amid the rising living costs.
The ministry said that among the taxes to be implemented are the global minimum tax, effective January 1, on multinational companies with a global annual revenue of at least €750 (RM3,509.77), and the 2 per cent tax on dividend income starting from assessment year 2025.
Also being implemented are e-invoicing in stages from August 1 this year for taxpayers with turnover of more than RM100 million, as well as the self-assessment stamp duty system from January 1, 2026, based on the type of instruments or agreements.
In addition, there will be a review of the sales tax and broadening of the service tax’s scope from May 1, 2025, and a review of the excise duty on sugary drinks from January 1, 2025.
The MOF said the government will ensure tax measures are progressive and easily administered, do not negatively impact the cost of living or economic growth, and can generate sustainable revenue for the government.
— Bernama
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