Friday 29 Mar 2024
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KUALA LUMPUR (Oct 9): Finance minister Lim Guan Eng today said new tax measures will be announced during the tabling of the upcoming Budget 2019 on Nov 2.

"Over the long term, our focus is to ensure we have sufficient and stable sources of revenue for the nation's development," he said.

"To quote our Prime Minister [Tun Dr Mahathir], the Budget is of sacrifice... Everyone will have to sacrifice and we have to accept that we must sacrifice," he said during his speech at the "Malaysia: A New Dawn" investors' conference here.

Concurrently, Lim said the fiscal target set by the previous administration is now "unrealistic", and that it will be "foolish" to stick to it in the short term.

The minister, however, noted that the government will prioritise policies that will contribute positive growth outlook for the nation's economy.

Meanwhile, Lim also revealed that the Tax Reform Committee has the mandate of reviewing existing tax incentives "to ensure these measures are still relevant in supporting high economic growth".

Other tasks include: to help diversify, reduce tax leakages and evasion, and minimise tax gap, he said.

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