KUALA LUMPUR: Malaysia could attain high-income nation status earlier than targeted, says Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.

He said Malaysia’s per capita income of US$10,500 this year surpasses the government’s earlier target of about US$9,000.

“I am confident we will achieve the goal of becoming a high-income developed nation with a per capita income of US$15,000 by 2018,” he told a seminar on the Goods and Sales Tax (GST) here yesterday.

Ahmad Husni said the government is concerned not only with the nation’s economic growth and Gross Domestic Product, but also with the economic well-being of the people, pointing out that it is meaningless for Malaysia to attain developed nation status if those in the ‘bottom 40 per cent’ are unable to cope with the rising cost of living.

“Under the SST (Sales and Services Tax) regime, out of six companies registered with the Companies Commission of Malaysia, on average only one paid taxes. How then could the government provide more allocations to promote the people’s economic well-being?” he said.

He added: “There are countries with a per capita income of under US$1,000 that have implemented the GST, so why should we be unable to afford (to implement it)?” Some 1,500 people, including representatives from the government and government-linked companies, businesses and youths attended the one-day seminar. — Bernama