Potential improvements to the corporate tax structure are currently being discussed at the policy level, said Minister at the Prime Minister’s Office and Minister of Finance and Economy II Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah in his speech on the summary of Policy Debate on Supply Bill and Motion for the Development Fund.
Speaking on the sixth day of the First Meeting of the 22nd Legislative Council (Leg-Co) session, he noted the goal is to create a more comprehensive system, potentially expanding to private enterprises and joint ventures.
The minister said existing tax policies, covering stamp and excise duties or income tax for companies registered under Chapter 39 of the Companies Act, are insufficient to finance government expenditure, infrastructure, and subsidies.
“The purpose is to ensure a balanced and transparent tax system while maintaining a competitive environment,” he stated, adding that the government remains committed to stakeholder input before making final decisions.
Efforts to strengthen fiscal resilience also include improving revenue collection.
The minister reported a nine-per-cent decrease in outstanding revenue in 205/2026 Financial Year for the Electrical Services Department, falling to BND369 million, compared to the previous two financial years.
Water services arrears also dropped by 47 per cent, from BND31 million to BND16 million. These reductions were attributed to the introduction of smart meters through government-linked company USMS Sdn Bhd, which facilitated easier monitoring and instalment payments.
However, outstanding housing revenue has remained stagnant at BND59.8 million over the last three years.
The minister urged all citizens and residents to play their part in settling debts to strengthen the nation’s overall fiscal position. He emphasised that any future policy changes would consider the welfare of the broader business ecosystem and support long-term economic development.
(news source: Borneo Bulletin; pic source: Info Foto, Jabatan Penerangan)
