KUALA LUMPUR, Oct 21 — Corporations show greater accountability than governments in their spending, AirAsia Group chief executive Tan Sri Tony Fernandes said today as he called for more transparency in taxation.
The budget airline head said the taxation system was too complicated, with too many different demographics and special needs being taken into account that leave the system open to abuse.
“I think more accountability on tax revenues, how’s the money spent, I think that’s where companies are better than governments, in ensuring a better P&L, showing how much money was spent, whether there was a good return on the investment,” Fernandes said at the Global Transformation Forum here in a session titled “Transformational Entrepreneurship”, using the P&L acronym for profit and loss statement.
“Governments need to be more transparent on how they collect tax,” he added, without elaborating.
The implementation of the Goods and Services Tax (GST) last April has sparked complaints of the broad-based consumption tax system being too complex due to a long list of exemptions and zero-rated goods.
The aviation magnate also said today that branding was not about external branding, but internal branding.
“If you’re gonna sell a brand, if your own people don’t believe in the brand, it’s kind of tough. Many great companies miss out on their greatest asset — which is the people in their own organisation,” he said.
“I think governments also miss out their biggest asset — it’s the people. The strongest asset in Malaysia is the amazing diversity and the amazingly talented people in this country. Given the chance, we can do so much,” the billionaire businessman added.
