马来西亚英语论文代写_Essay写作_马来西亚代写
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马来西亚英语论文代写_Essay写作_马来西亚代写
发布时间：2020-11-06 热度：
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Accounting Assignment代写范文|探索马来西亚目前的财务问题
Exploring Current Financial Issues In Malaysia
马来西亚的经济结构在很大程度上是由服务业和工业为主，占经济比重的48%和42%。马来西亚有最开放的经济体之一的亚洲有一个进出的货物和服务出口价值占到GDP的159%。然而，由于全球经济衰退马来西亚经历了一个急剧下降，其出口产品的外部需求。这导致了在2009年GDP减少1.7%。该国还挫败了政府和政治反对派之间的激烈和频繁的冲突，减缓了政策改革的速度。石油收入是由石油收入税、出口税和费占政府总收入的40%。马来西亚一直遵循积极的产业政策，运用多种激励措施，包括税收政策以促进经济和社会目标。
此外，这并没有帮助增加预算赤字和大比例的收入来自石油。马来西亚政府在平衡预算的过程中遇到了一定的困难。自从1970年，马来西亚赤字已经慢慢积累甚至在经济好转和衰退时期认为预算赤字不仅对国家的金融结构，但也显示出明显的缺乏财政自律。
The economic structure of Malaysia is largely dominated by services and industry, which makes up 48% and 42% of the economy respectively. Malaysia has one of the most open economies in Asia having an import and export value of goods and services amounting to 159% of GDP (Vincent et al. (1997). However, Malaysia has experienced a steep decline in external demand for its export products as a result of the global recession. This has resulted in a GDP reduction of 1.7% in 2009 (RaboBank, 2010). The country is also thwarted with fierce and frequent conflict between the Government and political opposition parties which has slowed policy reform. Oil revenues are comprised of petroleum income tax, export duties and royalties which make up 40% of total Government revenue (RaboBank, 2010). Malaysia has long followed an aggressive industrial policy using various incentives including tax policy to promote both economic and social goals (Alavi, 1996).
Furthermore, this has not been helped with an increasing budget deficit and a large percentage of revenue generated from oil (Taha & Loganathan, 2008). The Malaysian government has experienced certain difficulties in balancing its budget. Ever since 1970, the Malaysian deficit has been slowly accumulating even during periods of economic upturns and downturns (Narayanan, 2007). This has prompted the view that the budget deficit is not only structural to the financial structure of the country, but also shows an apparent lack of fiscal discipline (Saifuddin, 2008).
Fiscal Spending has been an active policy tool in promoting the National Economic Policy (NEP)'s objectives; to eradicate poverty and restructure society (Salim and Zalina, 2008). However, this was ended in 1986 when the budget reached an unsustainable level. There have been rigorous effects to minimise the deficit which resulted in a small budget surplus (Narayanan, 2007). However, during periods of decline such as the Asian crisis of 1997, the government attempted to introduce anti-cyclical fiscal policies which saw expenditure surpass revenues. This has led to a national deficit of 7% of GDP in 2009; a 22-year high, which has triggered a 67 billion ringgit stimulus package to help revive growth (Bloomberg, 2010).
It has been Malaysia's substantial oil revenues and large domestic savings that have helped manage the deficit (Taha and Loganathan, 2008). According to the New York Times, taxes and royalties from oil and gas have amounted to 40 percent of Malaysian government revenue, up from about 10 percent a decade ago. However, as the impact of the global economic crisis continues, it will have a major impact on countries dependant on oil revenue. This is seen now with Malaysia's declining oil reserves and lower oil revenues because of a fall in global oil prices (Langdon, 2007).
As oil prices remain truncated due to the adverse demand by developed countries, it will negatively affect the government's monetary reserves and the government will need to seek new revenue sources (Brook, 2004). Malaysia must lower its dependency on petroleum and petroleum related products as a source of its revenues. That is why a reduction in non-productive raising revenues and restructuring subsidies expenditures have been requested in order to tap into new and reliable sources of revenue (Narayanan, 2007). It is believed that the proposed introduction of the Goods and Services Tax (GST) will achieve this.
Therefore, this first chapter will consist of the motivations behind this piece of research, and the considerations needed for a reform program on the nation's tax system. This will thus lead on to the overall hypothesis of the research.
Motivation for the selection of research topic
Each country employs its own tax policies as a method of generating revenue as without it, countries would struggle to stimulate growth for further development. One aspect of tax, indirect tax has interested me the most, more specifically; Value-added Tax (VAT). VAT is unlike any other tax as the cost is borne by the consumer. So in theory, this form of taxation will not impact on the economy as importers and exporters will remain largely unaffected because the costs are passed down to the consumer. . Furthermore, VAT is considered a repressive tax because the more a consumer spends, the more VAT they will have to pay. This makes it an invaluable instrument in generating revenue quickly. It has been well known that the International Monetary Fund (IMF) and the World Bank view Malaysia's narrow tax base economy as unviable (Hamdan, 2010). Malaysia has been mainly focused on generating revenue from its natural resources and has always imposed low tax rates. In the 2007 budget proposal, the Prime Minister YAB Datuk Seri Abdullah Haju Ahmad Badawi announced plans for implementing VAT. This motivated me to research the various issues a developing nation such as Malaysia would experience when trying to implement VAT and how the Malaysian people would take towards this form of taxation.
According to the proposal, GST will only be applicable to businesses that generate sales of RM300, 000 and more. However, as GST will be passed right down to the consumer, the focus of this study will be conducted on how GST impacts on the ordinary Malaysian Citizen right up to the small and medium sized businesses. The reason for this is to obtain a thorough understanding of the overall impact the implementation GST will have across the country.
Considerations required for a reform program: Implementing GST
'GST has, in recent decades, become the most important single tax in most developing and transitional economies' (Richard M. Bird, 2005). The evidence can be witnessed by the number of countries in recent years who have attempted to implement this, namely Taiwan and Pakistan. More importantly, it was noted by Victor Thuronyi (2003), 'while there are differences in VAT from one country to another, compared with the income tax, VAT laws are remarkably similar.' This supports the intentions of developing nations such as Malaysia who are still in the process of implementing VAT. However, one of the major hurdles faced by these developing economies was raised by Richard M. Bird (2005). He argues that 'developing countries encounter various problems in the introduction process, caused by the lack of self-assessment based on tax return practices, the difficulties in establishing efficient VAT control systems, a large share of shadow economy and tax fraud.' These concerns are all relevant to the issues currently experienced by the Malaysian Government.
Malaysia aims to replace its current sales tax and services tax of 10% and 5% respectively with a proposed GST rate of 4%. The ITD (2005) paper has commented on how 'the choice between a single-rate and a multiple-rate VAT depends mainly on balancing tax administration considerations, favouring a single rate, against the availability of other instruments better targeted to achieve distributional objectives, the relative absence of which tends to favour further rate differentiation'. However, according to CPA Australia, 'the GST rate should provide a beneficial outcome for the consumer', since GST will be levied at a multi-rate. The problem with this is that it may cause an impending divide between the rich and the poor. A lower tax rate on necessities and on luxuries will benefit the rich due to the fact that their total spending power will increase. However, Edmiston & Bird (2004) remarked how imposing a higher rate on luxury goods is not a productive method of increasing progressive fiscal system. Alebel (2009) has discussed how the Governments choice between a single-rate and a multiple-rate GST will affect its citizens. This means the governments proposed use of a single tax rate will generate more revenue and lower its administrative costs which would make the transition a lot easier. However, this will also impact negatively on the poorest.
Nevertheless, before the Government can even think about rolling out GST across the country, it must first look at the capabilities of its own infrastructure and the businesses that operate within Malaysia. It will not be a simple approach of adopting a generic accounting system because the government and businesses will have to accommodate for the GST laws and the nature of its business operations within Malaysia. According to Alebel (2009), the implementation and enforcement of GST will need administrators to have an efficient computerization system which will be able to carry out the task of checking and auditing the revenues from GST. Moreover, Alebel (2009) continued by stating how administrators must also be well trained in order to operate the computerized systems and on top of that possess extensive knowledge about GST in order to provide the public with the extra guidance it will require. In order to achieve this, the government will be required to invest large sums of capital into its existing infrastructure while also providing extensive education programs for the public. What needs to be identified is whether the Government is capable of educating taxpayers and enforcing business compliance with the new tax system.
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