Customs to be corporatised by 2018

The Customs Department may be corporatised by January next year, after a delay due to the implementation of the goods and services tax (GST), said Treasury secretary-general, Mohd Irwan Serigar Abdullah.

"It's in the process as we speak. By January 2018, I hope we will have a corporatised Customs Department," he said at the GST Conference 2017 in Kuala Lumpur.

On March 13 this year, Prime Minister Najib Abdul Razak was reported as saying corporatisation was the government’s reward to the department due to its excellent performance, adding that staff will also enjoy a better service scheme.

Najib also hailed the department as the country’s saviour, saying the implementation of GST had rescued the economy.

Although GST has been harshly criticised, he said, it was a bold step by the government to ensure the well-being of the people.

Meanwhile, Irwan said Malaysia was on track to achieve the fiscal deficit target of three percent for 2017, amid the robust economic growth recorded in the first half of the year.

"Next year, we will go even lower and hopefully one day, have a balanced budget," he added.

Malaysia's gross domestic product grew at 5.8 percent during the second quarter of this year, outperforming market expectations of 5.4 percent year-on-year. It was mainly supported by private consumption which grew by 3.8 percent, followed by investments at 1.1 percent.

The national economy expanded by 5.6 percent during the first quarter, bringing the average growth to 5.7 percent for the first half of this year.

- Bernama