The bigger opportunity, in my view, is not so much in introducing new taxes, but rather in rethinking and redesigning the tax administration systems. While tax is not voluntary, the term “voluntary compliance” recognises that in many aspects of the current tax system, taxpayers make their own choices on the reporting, calculation and payment of tax. Imagine the increase in tax revenue if we could bring these activities into the tax fold. This is the future of tax administration — digital, in real time and with probably no tax returns even needing to be submitted. Amarjeet Singh is EY Asean tax leader and Malaysia tax leader at Ernst & Young Tax Consultants Sdn Bhd

Source: The Edge Markets October 30, 2021 03:38 UTC