Tengku Zafrul: Malaysia did not hesitate to extend its economic recovery tax position

Malaysia did not hesitate to broaden its fiscal policy in the brief period to assist counter-cyclical economic recovery packages and RM322.5 billion in the country’s largest national budget for 2021. Although it was Malaysia’s largest budget ever, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said it was intended to achieve a deficit of less than four percent under the country’s medium-term fiscal framework with a straightforward fiscal consolidation strategy, among other items. The government is also working, on the basis of global best practices under the Fiscal Responsibility Act, to institutionalize fiscal prudence, governance and transparency.’

Moreover, Tengku Zafrul said that the government is also enforcing its medium-term revenue strategy, which will, among other things, reduce the country’s dependency on commodities and further improve the tax system for leakage reduction. “However, I assure you that any review will ensure a tax regime that is fair to all, properly scheduled and takes into account its impact on individuals and businesses.” The finance minister added that the efficient management of the large-scale projects in Malaysia will drive socio-economic growth in the coming years.

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