As such, Second Finance Minister Johari Abdul Ghani said Malaysia is looking forward to the introduction of a new tax system for such new industries in Organisation for Economic Co-operation and Development (OECD) member countries.

“It is a very complex issue because, at this moment, I think even OECD countries don’t know  how to tax them.

“We’ll learn from them and wait for any mechanism they have,” he told reporters after launching the Revenue Day 2018 here today.

Johari said the mechanism has to be right as the matter is very complex, not only by way of the method of taxation but also as it has something to do with international law.

Meanwhile, he advised tax agents and advisers to engage with Inland Revenue Board (IRB) officers to enable them to do their job effectively.

“IRB will advise them accordingly.

“Hence, in future if anybody wants to backdate (tax credits) against their clients, they will have all the supporting documents to show, as advised by IRB.

“I hope IRB can have more interaction with all taxpayers and stakeholders to explain to them the right tax processes.

“This way, in the next three to four years, I think we can have the best tax system in the country,” Johari said.