Higher oil prices have given Malaysia more breathing room to deal with the loss of revenue from axing GST. However, new taxes are likely as the government seeks to strengthen the country's fiscal position and enhance competitiveness.

New taxes that may be considered include digital taxes, inheritance tax, soda tax, and capital gains tax on shares.

In addition, sin taxes are usually bandied about whenever the subject of raising tax revenue crops up.

Nonetheless, the past trend shows raising such taxes has not reaped the desired amount of revenue. This is especially apparent in the tobacco industry which was subject to increases in excise duties for three consecutive years between 2013 and 2015.

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