Finance Minister Lim Guan Eng said the loss in tax revenue from the hidden economy could threaten the stabillity of the nation’s tax ecosystem particularly in the aspects of fair taxation and voluntary tax compliance.
GEORGE TOWN: Malaysia’s shadow economy accounts for 21% of gross domestic product (GDP) and amounts to an estimated RM300bil, says Finance Minister Lim Guan Eng.
He said the strong underground economy, which he attributed to illegal activities that are difficult to track down, should be tackled effectively.
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