KUALA LUMPUR, Sept 30 (Bernama) — A reduction in the tax rate in the 2012 Budget can spur Malaysia’s growth and competitiveness, says UHY.

UHY is a network of independent accounting and consulting firms with offices in nearly 240 major business centres in 78 countries.

Research has revealed that Malaysia has one of the world’s most competitive and business friendly tax systems in the world today, given the global state of affairs, with a debt crisis in the US and the European Union.

“In line with our national aspiration to become a high income nation, competitiveness of the nation’s tax regime is critical,” Alvin Tee of UHY Malaysia said in a statement, today.

He said a further reduction in tax would put Malaysia on the map as a haven for investors and international businesses.

“Even marginal reductions can make Malaysia suddenly, visibly more attractive.

“It would make sense to do this as it would beautifully complement the government’s drive to raise foreign direct investment, attract new talent and encourage consumer and business spending and investment domestically,” he added.

Source : Bernama