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ASEAN should unite regarding GMT implementation: Malaysian official

Kuala Lumpur (VNA) - There is an urgent need for ASEAN member states to work towards an agreement not to circumvent the global minimum tax (GMT) as countries begin to adopt the tax, according to Malaysian Deputy Investment, Trade and Industry Minister Liew Chin Tong.

Addressing the ASEAN Economic Opinion Leaders Conference themed “Outlook for 2025” in Kuala Lumpur on January 8, Liew stated that ASEAN should evolve into a middle-class society, becoming a substantial consumer market rather than merely serving as production sites in the traditional model of export-led industrialisation.

ASEAN must unite and communicate to multinationals that collecting these taxes is essential for the greater good of the people. This effort is crucial for ASEAN's emergence as a middle-class society, which will create a substantial market for all, including multinationals, he stressed.

The bloc should prioritise the protection of the climate and environment, Liew Chin Tong said while highlighting the need for sustainable development.

Stressing the necessity for fostering stronger regional solidarity, the deputy minister said this is the time for ASEAN member states to view one another not as competitors, but as complementary partners in building a resilient regional supply chain./.

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