KUALA LUMPUR, Aug. 20 (Xinhua) -- The advisory Council of Eminent Persons (CEP) set up after Malaysia's general election in May said Monday that it had completed its mandate, and a report containing recommendations will be submitted to Prime Minister Mahathir Mohamad upon his return from China.

CEP Chairman Daim Zainuddin said in a briefing that the council has finished its 100 days mandate tasked by the new government, and it is up to Mahathir to decide its future role.

Daim, who served as finance minister during Mahathir's previous tenure as prime minister from 1981 to 2003, said the recommendations of the report highlighted the need to improve governance, the well-being of Malaysians and the need to ensure that the Malaysian economy is inclusive and sustainable.

According to him, the recommendations include measures to strengthen the independence of Malaysia's core institutions and enhance their respective governance framework to end corruption.

Daim said the report also proposes ways to increase Malaysia's revenue and redesign the tax policy to ensure that it is progressive, fair and balanced.

It also looks at ways to optimize expenditures, with emphasis on efficiency and reducing leakages, he added.

The council, which was set up by Mahathir after he assumed office in May to advise him on socio-economic and financial matters, had met with over 350 individuals from more than 200 organizations over the course of the 100 days.