MALAYSIA’S taxation policies must be guided by two fundamental principles –  to tax only it is absolutely necessary and never to burden taxpayers, Prime Minister Anwar Ibrahim said.

“Our intention is, of course, to encourage people to be more productive and contribute to the nation,” he said at the opening of the National Tax Conference 2023, in Kuala Lumpur, today.

Anwar, who is also the finance minister, said the government must make sure to spend the taxes it collects wisely and stop leakages. 

While taxes are necessary, he said the government must not overtax and burden the people.

“The changes that we have to make, including in the upcoming budget, will be clearly formulated based on the principles of tax when it is necessary and not to burden the public and business community’,” he said.

The 2024 national budget is scheduled to be tabled on October 13.

Anwar said such a tax policy will benefit foreign and domestic investor.

“This will not only reward them, but at the same time, nurture a sense of belonging and responsibility in them that is consistent with the concept of Madani.” – Bernama, August 1, 2023.