Malaysia on track to reduce budget deficit to 3% of GDP: Irwan

KUALA LUMPUR: Malaysia is on track to achieve budget deficit of 3% of GDP this year, says Treasury Secretary-General Tan Sri Dr Mohd. Irwan Serigar Abdullah.
Malaysia studying ways to tax companies that have business in country but book their revenue overseas, he said at a conference.
He was citing examples of Facebook, Uber and Google.
Speaking to reporters at same event, Director General of Customs Customs Datuk Seri Subromaniam Tholas said Malaysia plans to table law amendments by next parliament session to tax digital service providers based in other countries but offer services locally.
“This includes income tax and goods and services tax; expected tax collection from these service providers amounts to several billion ringgit,” said Subromaniam. – Bloomberg