KUALA LUMPUR (Nov 2): Tax experts are concerned the government may have to recalibrate Budget 2017 next year, in view of the challenging global economic environment and oil price volatility affecting government's revenue. Speaking at a press conference in conjunction with the seminar on the 2017 Budget Outlook and Challenges today, Taxand Malaysia Sdn Bhd chairman Dr Veerinderjeet Singh said the recalibration of Budget 2017 may be possible, if the economy is not improving with lower tax and goods and services tax (GST) collected. For Budget 2017, the recalibration may likely be in first quarter or second quarter (should there be any)," he said. He noted that the government's expectation of the income taxes collected in 2017 to increase by RM10 billion, was "highly optimistic". According to Budget 2017, the income tax collection is expected to reach RM112.37 billion, compared with a revised estimation of RM102.44 billion in 2016.

Source: The Edge Markets November 02, 2016 05:26 UTC