KUALA LUMPUR: The Finance Ministry (MoF) this morning noted that fiscal reform initiative is already underway.
With the Goods and Services Tax (GST) set to be zero-rated beginning June 1, the ministry said shortfall from this will be cushioned by specific revenue and expenditure measures that shall be announced in due course.
In a statement today, the ministry informed that the Sales and Services Tax (SST) will be reintroduced.
"Expenditure reduction will begin with rationalisation, efficiency measures and reduction in wastages.
"Of significance, oil prices have been higher than the USD52 per barrel estimated for Budget 2018.
"This provides fiscal buffers for the immediate future," the statement said.
It added that fiscal responsibility, transparency and governance will be a paramount consideration in rolling-out the fiscal reform.