Fiscal Reform Initiative Already Underway : MoF

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KUALA LUMPUR, May 17 (Bernama) – The Malaysian government’s fiscal reform initiative is already underway, the Ministry of Finance (MoF) said Thursday.

In a statement, it also said the shortfall from the Goods and Services Tax (GST) which is zero-rated effective June 1, will be cushioned by specific revenue and expenditure measures to be announced in due course.

It added the Sales and Services Tax (SST) would be re-introduced.

“Expenditure reduction will begin with rationalisation, efficiency measures and reduction in wastages.Of significance, oil prices have been higher than the US$52 per barrel estimated for Budget 2018. This provides fiscal buffers for the immediate future.

“Fiscal responsibility, transparency and governance will be a paramount consideration in rolling-out the fiscal reform,” the MoF said.