KUALA LUMPUR - Malaysians need to brace for new taxes which involve some necessary sacrifice and pain.
This is to allow the government to raise new revenue in order to repay the massive debts incurred by the previous administration.
These were the key messages by the Prime Minister ahead of Budget 2019 to be tabled in the Dewan Rakyat on Nov 2.
He said there had been a suggestion that the government introduce new taxes.
"I don't think that is something welcome by the people but we may have to devise new taxes in order to have the money to pay our debts," he said in his keynote address at the conference "Malaysia: A New Dawn".
The conference was jointly organised by Malayan Banking Bhd, CIMB Group Holdings Bhd and RHB Banking Group.
Dr Mahathir acknowledged that Malaysia's GDP (Gross Domestic Product) growth was alright but it had "decoupled" from the welfare and well-being of the people.