Finance Minister Lim Guan Eng said the government is determined to clean up its accounts and make the public sector more transparent in finances, adding that it will take the government at least three years to resolve the fiscal issues caused by the RM1 trillion debt and the RM35 bil in (outstanding) GST and income tax refunds.
In his speech at in a special address at the Malaysia: A New Dawn 2018 Investor Conference on Tuesday, Lim said for a start, the government is committed to a shift from cash-based to accrual-based accounting standards by 2023.
The Finance Minister also said there will be some additional tax measures included in Budget 2019, but the government would be careful not to introduce an austerity budget.
Read more at https://www.thestar.com.my/business/business-news/2018/10/09/govt-determined-to-clean-up-accounts-says-guan-eng/
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