For the upcoming 2020 budget, the government will not introduce any new tax measures to prioritize sustainable economic growth, Finance Minister Lim Guan Eng said.
“We will prioritize economic growth. Such expansionary measures may be necessary to provide some fiscal contingency, amidst an uncertain global economic environment if the trade dispute between China and the United States remains unresolved.
“Furthermore, to raise the confidence of the corporate sector and investment community, we do not foresee any new tax measures,” he told a press conference after inaugurating Menara Prudential at the Tun Razak Exchange (TRX) here today.
Lim said Malaysia focuses on the continuation of a multi-lateral approach to achieve free and fair trade, productivity growth, the embrace of the digital economy, and a rise in incomes to increase purchasing power and profitability of workers and businesses.
Meanwhile, Prudential today celebrated the opening of its corporate head office in the TRX district, which would house all five of its businesses, namely Prudential Assurance Malaysia Bhd, Prudential BSN Takaful Bhd, Eastspring Investments Bhd, Eastspring Al-Wara’ Investment Bhd, and Prudential Services Asia.
This will strengthen the positioning of Kuala Lumpur as a prime destination for international business and finance, including insurance.