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ASIA: Malaysian Government Considering Bringing Back Consumption Taxes

ASIA
  • The Malaysian government are weighing bringing back consumption taxes to boost finances, in place of cutting the subsidies on gasoline prices, according to Bloomberg sources.
  • Malaysian consumption taxes had been a significant talking point of the fiscal consolidation path - and plans for a return to a broad-based consumption tax regime (withdrawn in 2018) were denied on a handful of occasions last year.
  • Malaysia had introduced electronic-invoicing this year in an attempt to solve problems surrounding inefficient tax collection (thereby closing the tax gap and widening the revenue base) - however it had been noted that by the tax agency that the installation of an e-invoicing system would allow for easier GST collection in the future. It now appears that could be coming closer to reality, and would replace a subsidy cut for gasoline prices.
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