New taxes needed to pay off trillion-ringgit debt, says PM

Asila Jalil Asila Jalil Updated 7 years ago · Published on 9 Oct 2018 11:05AM · 7 Comments

Prime Minister Dr Mahathir Mohamad (in blue suit) and Finance Minister Lim Guan Eng (in red tie) at the ‘Malaysia: A New Dawn’ investment conference in Kuala Lumpur, today. – The Malaysian Insight pic by Afif Abd Halim, October 9, 2018.

PUTRAJAYA might have to introduce new taxes to pay off the country’s huge debts, said Prime Minister Dr Mahathir Mohamad. 

Though such a move would prove unpopular with many, he said the government was nonetheless considering it as a means to paying off the RM1 trillion national debt. 

“It was suggested we should have new taxes. I don’t think that is something that is welcomed by the people. 

“But we may have to devise new taxes in order to have the money to pay our debts,” the prime minister said at the “Malaysia: A New Dawn” investment conference in Kuala Lumpur today.

Yesterday, Nobel prize-winning economist Joseph Stiglitz said various taxes could be introduced to stimulate the country’s economy. Among the taxes he cited were inheritance tax, capital gain tax and property tax for large holding properties.

Stiglitz had met with Dr Mahathir for about an hour and said their meeting touched on economic issues in Malaysia and the world

Putrajaya might also have to sell off more assets, Dr Mahathir told the investment conference.

He said while he did not agree to selling land to foreigners, government land could be sold to llocal investors to develop projects.

He said these measures were being considered because “now we don’t know where the (government’s) money is, so we have to find other sources of funds”.

Putrajaya has put the national debt at RM1 trillion with the inclusion of payments under lease arrangements in certain public-private partnerships, which it said the former government had crafted to circumvent national debt limits. – October 9, 2018.

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Comments

  • What is this?

    Posted 7 years ago by Kevin Teh · Reply

  • Ask najib and xKSP.. ...........

    Posted 7 years ago by Azis Yusoff · Reply

  • New taxes? I hope PH thinks carefully. The sins and abuses of the BN government should not be borne by hardworking Malaysians. The corrupted politicians must be investigated thoroughly. If they are unable to account for their hundreds of millions they must punished first and their assets confiscated and placed into a National Trillion Ringgit Debt Recovery Fund.

    Posted 7 years ago by Concerned Citizen · Reply

  • Introducing and implementing new taxes at this point of time should be avoided until all the facts & figures have been established with the guilty parties have been sentenced, only than Malaysian would know its true state of affairs. There is a dispute of funds remaining with Treasury when PH took over. We know some GST funds were missing. What can be collected or salvage from 1MDB. Putting on hold for all mega projects. Nation debts can the figures be spell & listed out and evaluate by independent parties for verification. Last but not least all the wrong doers should be punished ONLY than we talk about new taxes and it should not have impact the low income earners at large.

    Posted 7 years ago by Teruna Kelana · Reply

  • With hindsight it is possible to say that the previous Ketuanan Umno-BN govt people obviously did not "love" Malaysia at all when they plundered the land & robbed the country blind! These people have lost the right to rule..

    Posted 7 years ago by MELVILLE JAYATHISSA · Reply

  • And those in Umno and BN with personal wealth of hundreds of millions and billions were shouting and claiming they were protecting the rights of Bumiputra. I hope the Bumiputra today do not simply believe in slogans and ceramahs. Hundreds of millions if not stolen can build many hospitals and schools. Also fund the dese

    Posted 7 years ago by Concerned Citizen · Reply

  • Also fund many deserving students who were robbed of their scholarships.

    Posted 7 years ago by Concerned Citizen · Reply