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欧博客户端:Savvy tax moves

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KUALA LUMPUR: Several planned tax moves announced in Budget 2023 appear to be aimed at reducing tax evasion and bolstering the government’s revenue position as much as possible amid income tax cuts and an increase in tax reliefs for some.

In the bigger picture, this appears to be done to avoid any implementation of the goods and services tax (GST) for as much as possible at this point in time, experts said.

“I had my doubts that there would be any GST announcement in the Budget 2023 and indeed there wasn’t any announcement at all.

“If and when any GST is announced, I hope that industries would be given ample time to change their systems,” Grant Thornton Malaysia senior executive director for indirect tax Alan Chung told StarBiz.

Tax collection continues to be the largest contributor to the government, representing 75.4% of total revenue, Deloitte Malaysia country tax leader Sim Kwang Gek said.

“This is an increase of 3.7% compared to year 2022, showing the government’s heavy reliance on taxes as an important source of revenue.

“New measures such as the implementation of e-invoicing and tax identification number (TIN) would provide more room for tax authorities to shore up tax revenue collection,” Sim said in Deloitte’s Budget 2023 Snapshot.

Sim said this entailed the announcement of the implementation of e-invoicing by stages effective from year 2023 for selected taxpayers, the automatic issuance of TIN for Malaysian citizens and permanent residents aged 18 and above as well as mandatory use of TIN for all stamping of documents.

“This is in line with international developments. And this will pave the way for a more efficient tax administration.

“Having an e-invoicing management system that integrates with the government’s system can be a powerful tool to tackle tax evasion, reduce tax leakages and promote greater tax transparency,” she added.

Ernst & Young Tax Consultants Sdn Bhd’s Malaysia tax leader Farah Rosley said with this development, the country will join about 40 countries that have adopted or will be adopting e-invoicing.

“Together with the use of the TIN, this will reduce the shadow economy, increase compliance and expand the tax net.

“This reinforces other initiatives of the Inland Revenue Board (IRB) such as the Tax Corporate Governance Framework, which promotes better governance and transparency, and cooperation between the IRB and taxpayers,” Farah told StarBiz.

Chung said the TIN had been announced in previous budgets but there has not been much details provided so far.

“We hope the details for this and e-invoicing would be given soon. Note that with e-invoicing, people would need to install more software and have more compliance (costs) – and the reporting is not as automated as it should be,” Chung said.

Meanwhile, UHY Malaysia group managing partner Datuk Alvin Tee said the budget deficit is about RM400mil lower compared to RM99.48bil in 2022, as the Finance Ministry is optimistic for the government’s tax revenue to increase slightly by 3.7% to RM205.6bil.

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