WB: Malaysia needs to widen sales, services tax coverage
The World Bank (WB) has said the Malaysian government needs to diversify and increase its revenue resources, including widening coverage of the sales and services tax (SST) to rebuild fiscal buffers.
Hanoi (VNA) -The Wꦿorld Bank (WB) has said the Malaysian government needs to diversify andincrease its revenue resources, including widening coverage of the sales andservices tax (SST) to rebuild fiscal buffers.
In its October 2019edition on the Economic Update for East Asia and the Pacific, themed “WeatheringGrowing Risks”, released on October 10, the WB said exercises towardsdiversifying revenue resources are needed, as Malaysia’s comparatively highlevel of government liabilities would continue to exert constraints on fiscalspace available in the event of macroeconomic shocks. The WB’s lead economist inmacroeconomics, trade and investment Richard Record said the challenge of thegovernment now is to widen coverage of the SST. He also said thegovernment could introduce more progressive elements in its revenue policies,including a realignment of tax incentives and an expansion of personal incometaxes to rebuild fiscal buffers. According to him, wideningthe SST coverage would lead to inflation in the country, and the exercise couldbe implemented when the inflation rate is comparatively low. The government canidentify those items consumed most by the low-income group, and take measuresto protect them, he said. The WB forecast thatMalaysia’s consumer price index will grow by 0.8 percent in 2019 and 1.7percent in 2020, and the country will meet its fiscal deficit target of 3.4percent of gross domestic product this year, supported by monetary measures. On economic growthprospects, it said risks to Malaysia’s growth outlook continues to tilt towardsthe downside, mainly due to the US-China trade tensions and a maturing globaltechnology cycle, which could weigh on the country’s exports demand in the nearterm. Overall, it maintainedMalaysia’s GDP growth at 4.6 percent this year./.
The World Bank (WB) has approved a 150 million USD loan for Indonesia to scale up investments in geothermal energy by reducing the risks of early-stage exploration.
The Malaysia Competition Commission (MyCC) has proposed a fine of over 86 million ringgit (20.5 million USD) on ride-hailing firm Grab for violating competition law by imposing restrictive clauses on its drivers.
Malaysian authorities have ordered 80 individuals and entities to pay fines for allegedly receiving money from the state fund 1Malaysia Development Berhad (1MDB), the Malaysian Anti-Corruption Commission (MACC) said on October 7.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Talking to the Vietnam News Agency on the occasion of the 100th anniversary of the Vietnam’s Revolutionary Press Day (June 21, 1925–2025), Nikulina, who is also a veteran journalist of Russia’s Sputnik News, emphasised the vital role of mainstream journalism in defending the truth and maintaining public trust.
Illustrative image (Photo: Internet) 
