Philanthropy Economy Could Complement Fiscal Policy and Help Malaysia Prosper: Bank Islam Malaysia Chief Economist

Although taxation is one of the mechanisms implemented to increase government revenue, encouraging a philanthropy economy could complement the country’s fiscal policy and help it to develop, according to Chief Economist of Bank Islam Malaysia, Dr Mohd Afzanizam Abdul Rashid.

Why it Matters?

Given the currently fluid state of affairs, it is near impossible for the Government of Malaysia to levy new taxes in the near term. Therefore, the fiscal policy must be responsive to the uncertainties. As a result, Dr Afzanizam has been supporting the idea of cash Waqf, as taxation has its limitations.

Details

Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States recently signed a historic tax pa...