Global Survey Highlights Trust Deficit in Tax Systems, Malaysia Shows Higher Optimism

The Public Trust in Tax 2024 survey, conducted by ACCA, IFAC, and OECD, reveals a global trust deficit in tax systems despite acknowledgment of taxes’ societal value. Key findings include only 33% globally believing taxes are spent for the public good, with professional tax accountants being the most trusted source of tax information.

Trust Deficit in Tax

In Malaysia, trust levels are higher than the global average:

• 56% view taxes as a positive contribution to the community.

• 43% believe tax revenue benefits the public good.

• 60% find tax processes efficient.

However, concerns about corruption and equitable tax distribution remain. Efforts to rebuild trust and transparency are essential globally and locally.