Govt services to be made cashless

Once again Ministry of Finance, Malaysia is quite popular lately by the decision of Tengku Datuk Seri Zafrul Abdul Aziz – Finance Minister(MoF), he stated that as part of the recently launched MyDigital, the Ministry of Finance will provide cashless payments for all public services by 2022.

This will lead to safer transactions, better strategy, better intelligence of anti-corruption measures, and easier information exchange.

Tengku Zafrul said the government has been working hard to ensure good governance, provide public services more effectively, and curb leaks, fraud, and corruption. Also, the government has switched to using electronic ID cards and biometric ID cards to identify citizens and is accelerating direct government support to ensure integration, accessibility, transparency, and accountability. He added that accountants, who have a huge influence on making informed decisions, also play a key role in advancing digital technology, and MIA is constantly striving to promote leadership and digital transformation through its business plans.

Expanding the tax base, including taxes from the black economy, improving tax compliance and administrative issues will improve tax collection, which is crucial for the government to provide more assistance during the crisis and spend more time for national development. 

Accountants play an important role in ensuring good corporate governance, company and country integrity, reliability, and reputation. At the Malaysian Institute of Accountants (MIA) meeting in 2021, its chairman, Dr. Virinderjit Singh, believes that an important governance area that is critical to the country’s future resilience is tax transparency, tax administration, and tax administration, as well as environmental, social and corporate governance. The importance of governance (ESG) integration in business and company reporting to meet market needs. And investment needs.

Malaysian Finance Minister stated that accounts are very important and help to make informed decisions. The Minister pointed out that the Ministry of the Interior is a national lecturer appointed by the International Comprehensive Reporting Council (RI) and the Institute that played a leading role in promoting RI adoption. Listed companies are commendable, and investor relations are part of the story of creating value for the public sector and building public trust through increased transparency and accountability. The gradual transition to accrual accounting is also invaluable in improving the financial health of the public sector. The government’s introduction of public sector financial management systems has even become the subject of global comparative case studies, with Malaysia and the Ministry of Interior as role models,” he added. 

MyDIGITAL is a national digital economy model-imagine how this country will move towards a more digital network economy on the road of Industrial Revolution 4.0 (IR 4.0). The government encourages digitalization for various purposes, including modernizing services and reducing corruption because it reduces direct contact between citizens and government officials.

“At the end of last year, 60% of all government expenses were incurred by electronic payments,” The three-day “Ensure a Sustainable Future with Flexibility and Resilience” conference aims to provide auditors with future-oriented skills and help ensure continuity by using professional core competence and ethics to support and promote the global sustainable development agenda. Corporate sustainability, Climate Solutions, and digital empowerment.

Muhammad Asim