Malaysia must examine the possibility of harmonising the Goods and Services Tax (GST) and Sales and Services Tax (SST) to make good tax revenue shortfalls, the Malaysian Institute of Economic Research (MIER) said.

In its report on the Malaysian Economic Outlook Third Quarter 2021, the research institute said spending reprioritisation is needed urgently, as borrowings and mobilisation of oil-related revenue and public trust funds such as Kumpulan Wang Amanah Negara (KWAN) at the expense of future generations, continued to increase.

Furthermore, it said the role of the private sector...