Malaysia: MOF mulls tabling fiscal responsibility bill at next session – Zafrul

  • The Finance Ministry is looking to table the Fiscal Responsibility Bill at the next Parliament session, scheduled to begin on 18 Jul 22.
  • Finance Minister Tengku Zafrul Abdul Aziz said the bill includes efforts to broaden the country’s tax base, including taxing the shadow economy, as well as improving tax compliance and administration towards helping boost tax collection.
  • On the government’s efforts to support the nation’s environmental, social, and governance (ESG) aspirations towards achieving climate and socio-economic resilience, Zafrul said three main strategies have been prioritised to drive sustainable nation-building.
  • He said firstly, it is to strengthen sustainability-related financing, which complements the United Nations’ (UN) Sustainable Development Goals (SDGs) by coordinating initiatives and programmes inculcating the elements of ESG, which will help make Malaysia a sustainable financing hub.
  • Zafrul said the second main strategy is to develop the capacity of small and medium enterprises (SMEs) as one of the key building blocks to achieve Malaysia’s ESG aspirations and net zero-carbon goal by 2050.
  • On the third main strategy, he said it is the establishment of the Malaysia Sustainable Development Goals Trust Fund by the government, through the MOF and in collaboration with the UN in Malaysia.
  • Themed “Leading ESG, Charting Sustainability”, the two-day virtual MIA Conference 2022 aims to upskill accountants with future-relevant competencies to lead and support business sustainability in a landscape where climate-related risks and poor governance threaten the equilibrium of humanity and the planet.

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