Taxation and Economic Development among Pacific Asian Countries

By Richard A. Musgrave; Ching-Huei Chang et al. | Go to book overview

5
Tax Reform in Malaysia:
Trends and Options

Mukul G. Asher, Ismail Muhd Salleh,
and Datuk Kamal Salih


1. Introduction

During the period 1960-1990, Malaysia moved rapidly from being a primary commodity producer with low per capita income to a country that was widely expected to join the ranks of the newly industrialized economies (NIEs) of Asia, such as Taiwan, South Korea, Hong Kong, and Singapore, toward the end of the 1990s. According to the World Bank, Malaysia had a per capita GNP of US$2,520 in 1991; and the average annual growth rate of per capita real GNP during the 1980-1991 period was 2.9 percent, several times higher than the 0.3 percent achieved by the middle-income economies as a group ( World Bank, 1993, pp. 238-239). According to the same source, the average annual growth rate of real GDP during the 1980-1991 period was 5.7 percent; and this growth was accompanied by a low annual rate of inflation, 1.7 percent. There was also considerable diversification of the economy during this period, with the share of manufacturing in 1976 constant prices increasing from 13.9 percent of GDP in 1970 to 27.0 percent of GDP in 1990 (Economic Planning Unit, 1991a, Table 2.3, p. 41). In 1992, gross national saving and gross fixed capital formation amounted to 31.1 percent and 37.0 percent of GDP, respectively ( Ministry of Finance, 1992-1993, Table 1.2). The large saving-investment gap is filled primarily by direct foreign investment (DFI), which has shown a sharp increase in recent years. Thus, DFI in approved projects increased from $959 million in 1985 to nearly $16 billion in 1991 ( Ministry of Finance, 1992-1993, Table 8.1). 1

Sustaining the economic performance of the 1960-1990 period is likely to require restructuring and reform in areas such as labor markets; industrial and trade policies; the financial sector; public enterprise manage

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Taxation and Economic Development among Pacific Asian Countries
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • 1 - Introduction 1
  • Notes 10
  • 2 - Indonesian Tax Reform, 1985-1990 11
  • Notes 41
  • References 42
  • 3 - The Tax System and Economic Development in Japan 44
  • Notes 61
  • References 62
  • 4 - Tax Reform in the Philippines 64
  • Notes 80
  • 5 - Tax Reform in Malaysia: Trends and Options 82
  • Notes 100
  • References 101
  • 6 - Property Taxation as a National Policy Tool in Taiwan 104
  • Notes 116
  • References 116
  • Notes 137
  • References 138
  • 8 - Effective Corporate Tax Rates on Capital Income in Hong Kong 140
  • Notes 153
  • 9 - Tax Policy and Business Investment: Taiwan's Manufacturing Industry 156
  • Notes 165
  • References 167
  • 10 - The International Dimension of Korean Tax Policy 168
  • Notes 191
  • References 192
  • 11 - Tax Incentives for Export Promotion in Japan, 1953-1964 194
  • Notes 207
  • References 208
  • 12 - International Aspects of Income Taxation in Taiwan 210
  • Notes 221
  • References 223
  • 13 - Financing Social Security in Singapore Through the Central Provident Fund 225
  • Notes 255
  • References 255
  • 14 - A New Role for Fiscal Policy and Tax Finance in Korea 259
  • Notes 275
  • References 276
  • About the Book 280
  • About the Editors and Contributors 281
  • Index 283
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