MPM ASKS GOVERNMENT TO GET MORE SMES TO PAY TAX
KUALA LUMPUR, Oct 18 (Bernama) -- The Malay Consultative Council (MPM) has proposed the introduction of a short-term measure to increase revenue in Budget 2019 by getting more companies, especially small and medium enterprises (SMEs) and mid-level companies, to become eligible corporate taxpayers.
It said the move would enable the government to have a new source of revenue to increase corporate tax collection following a reduction in revenue with the replacement of the Goods and Services Tax with the Sales Tax and Services Tax.
Focus should be given to efforts and methods to turn as many SMEs and mid-level companies as possible into productive corporate taxpayers in line with the Ministry of Entrepreneur Development’s (MED) effort to encourage the younger generation to go into business, it said in a statement today.
MPM also proposes that conducive ecosystems needed to be developed to propel SMEs and mid-level companies to become progressive and competitive companies to enable them to become productive corporate taxpayers.
The Ministry of Finance and the Ministry of International Trade and Industry need to assist MED's efforts in creating a conducive financial ecosystem and a competitive trade ecosystem, it added.
-- BERNAMA
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