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CLICK TO ENLARGEAS Budget 2022 approaches, observers are bracing themselves for the possibility of a new tax regime as the government seeks to expand its revenue base.

While some reckon that the local economy will find it difficult to absorb new taxes such as new capital gains tax, others opine that the government has to consider various moves to expand its tax base.

Aside from that, economists and captains of industry are recommending the government place some emphasis on affordable housing and that the Home Ownership Campaign (HOC) and automotive sales tax exemptions should be extended. Some also say that the government ought to kickstart mega infrastructure projects.

Budget 2022, to be unveiled on Oct 29, is likely to see the largest development expenditure allocation to date as the country is undergoing a recovery period from the aftermath of the Covid-19 pandemic that hit almost all businesses and forced many to permanently shut down.

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has hinted that the Budget 2022 would highlight recovery strategies for various economic sectors.

“Budget 2022 will mirror the government’s determination to revive the country’s economy, hence restoring foreign investor confidence in making Malaysia as the main investment destination,” he told the media this week.

At last week’s Invest Malaysia 2021, Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed suggested that a “balanced budget is not part of the government’s plan” at the moment.

Notably, he added “this is not an opportune time to discuss higher taxes as we are still in repressive mode.”

Under the 11th Malaysian Plan (2016-2020), the government had envisaged a balanced budget or near-zero fiscal deficit by 2020.

But the Covid-19 pandemic has beset the economic growth momentum and the government had to introduce various stimulus packages to bolster the economy over the last 20 months.

The government has now changed its target to achieve a fiscal deficit of 3% to 3.5% of gross domestic product (GDP) by 2025.

Tengku Zafrul now says that Malaysia’s fiscal deficit could reach between 6.5% and 7% of GDP in 2021, which is higher than the 5.4% initially targeted.

This would be almost the same level during the global financial crisis in 2008-2009 when the country’s fiscal deficit reached 6.7%.

Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid expects the government to maintain its current tax regime but would share its plan on how to improve collection.

“Judging from the government’s deficit target of 3% to 3.5% of GDP by 2025, it could be quite likely that the government will shed more light on how to improve its revenue stream so that the budget gap can be reduced.