Fiscal reform initiative already underway : MOF

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

 

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.

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