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aws账号(www.2km.me)_Insight - Budget 2022: Revive and recharge the economy

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SERC's Lee Heng Guie: The immediate priority is to craft a swift economic recovery plan for generating growth, enhancing economic resilience, revitalising private investment, creating jobs as well as reskilling and upskilling of manpower. There are fiscal revenue constraints in the face of high expenditure to support pro-growth and business recovery.

POLICYMAKERS must figure out how to fix a shattered economy, rebuild from the impact of Covid-19 to emerge more resilient and to safeguard the economy against the next catastrophe.

Budget 2022 marks the second year of the 12th Malaysia Plan (2021-2025). It will be a pro-growth and transformational budget with a more targeted approach to spending programmes.

The immediate priority is to craft a swift economic recovery plan for generating growth, enhancing economic resilience, revitalising private investment, creating jobs as well as reskilling and upskilling of manpower.

There are fiscal revenue constraints in the face of high expenditure to support pro-growth and business recovery.

The Budget 2022’s pre-statement has accorded priority on medium-term revenue strategies: Managing revenue leakages by plugging revenue loss from smuggling and counterfeiting; strategies to increase tax revenue through increased tax compliance; and tax incentives review.

In this regard, Budget 2022 could implement some initiatives and review tax treatment to curb elements of revenue leakages or harmful practices as well as to address cross-border tax evasion in digital economy.

These include the implementation of special voluntary disclosure programme (SVDP) for indirect taxes administered by the Customs Department; the introduction of a tax compliance certificate as a precondition for tenderers to participate in government procurement; and the implementation of tax identification number (TIN).

The Finance Minister has spoken on the tightness in fiscal space and that the country cannot afford a cut in corporate tax unless the tax base is broadened.

He also said that the time is not right to reintroduce the goods and services tax (GST).

Nevertheless, we think that the budget could make a policy statement on the GST, paving the way for its eventual implementation in 2023.

Any introduction of new taxes, including the much-talked-about capital gains tax and windfall tax, are untimely given the current uneven pace of economic recovery.

Would the costs of a capital gains tax outweigh its benefits? Capital gains tax reduces savings and investment incentives and greatly dampens the prospects for increased productivity and economic growth. This hinders entrepreneurship as well as erodes our competitiveness in attracting domestic and foreign investment.

Driving recovery

We are looking for tax and non-tax incentives, continuation of financial assistance and relief for households and businesses, sector-specific funds and grants to drive the economic recovery by stimulating consumerism, improving business investment prospects, electrifying green investment and infrastructure, plus support for the tourism sector.

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