We need to review tax system, says ex-BNM governor

[superadmin]

PETALING JAYA: A former Bank Negara Malaysia (BNM) governor has urged the government to take another look at its existing taxation system to strive for a more comprehensive and equitable system.

Muhammad Ibrahim said an equitable tax system should involve value-added tax, adding that this should not become a political issue.

He said this was to ensure Malaysia has revenue options and to refrain from entering into a debt trap over the long run.

Muhammad said this was important despite the country’s debt level still being relatively low at about 50% to 60%, compared with Japan and some other countries with over 100% debt levels.

- More -