MOF sets up committee to study reintroduction of GST

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The Ministry of Finance (MoF) has set up a committee to study various revenue-enhancing measures, including the possibility of reintroducing the Goods and Services Tax (GST), according to Maybank Investment Bank (Maybank IB) Research.In a note released today following a dialogue with Finance Minister Tengku Zafrul Abdul Aziz last Friday, Maybank IB Research quoted Zafrul as saying that other measures included analysing weaknesses in the tax regime and impact of new taxation on the economy, studying options for new taxes such as carbon tax and digital tax, rationalising tax incentives, improving tax administration and enhancing tax audit, such as implementing tax identification numbers and enhancing data analytics.“Timing is also important – especially on any new taxes – so as not to disrupt the economic recovery process.“2021 is a transition year from crisis to recovery,” it q…