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Malaysia Faces Revenue Crunch as Spending Mounts on Virus Woes
Bloomberg
12/20/2020
Anisah Shukry
(Bloomberg) Malaysia will enter 2021 with its biggest spending plan yet to spur its virus-hit economy, but concerns are focusing on how to foot the bill after a sovereign-rating downgrade earlier this month.
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The government expects revenue to rise 4.2% next year, counting on higher tax collections without raising taxes or introducing new ones coupled with a move to slash its dependence on oil. The plan hinges on one key assumption: that tax income will rise as economic activity returns close to normal.
“If the economy does not recover as strongly as the 6.5%-7.5% that the government is expecting, any revenue shortfall is likely to manifest” in lower tax revenue, said Wellian Wiranto, an economist at Oversea-Chinese Banking Corp. in Singapore. ....

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