PCP for Budget 2023 in need of feedback

KUALA LUMPUR – The Ministry of Finance (MoF) is calling for feedback on their Budget 2023 Public Consultation Paper (PCP) named ‘The Implementation Of Globe Rules In Malaysia’.

According to the ministry, it is looking for feedback from the private sector including businesses as well as tax experts to give their feedback on this PCP.

In a recent statement, the MoF stated that the PCP is connected to Malaysia’s participation in the implementation of the Global Anti-Base Erosion (GloBe) Model Rules (Pillar Two) Initiative which includes the Framework on Base Erosion and Profit Shifting (BEPS). The PCP is published by the MoF.

The statement also said that the PCP is available for download from the MoF website here.

Additionally, the ministry explained that the publishing of the PCP was complementary to the 2023 Pre-Budget Statement, which was made available to the public on June 3 of this year.

Furthermore, the MoF stated that the PCP is part of the ministry’s overall efforts to collect feedback from Malaysians and companies on the government’s policy proposal recommended which will be considered for the upcoming Budget 2023.

The initiative had begun last year, in 2021, with the goal of enhancing and increasing public engagement during the process of formulating the annual budget.

Subsequently, the MoF announced that it intends to issue Budget 2023 PCPs on funding for sustainable development; the application of ESG (environmental, social and governance) principles for government-linked companies; and implementing targeted subsidies.

Apart from that, the statement said that the government is confident that the publication of Budget 2023 PCPs will allow for more avenues to be provided for stakeholders to give their feedback and enable the government to formulate an annual budget that would satisfy the needs of Malaysians while at the same time align with the nation’s socio-economic development policies.

Those interested to submit their feedback on ‘The Implementation Of Globe Rules In Malaysia’ PCP should do so by Aug 15, 2022.

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