Our tax-free holiday is coming to an end with the implementation of the Sales and Service Tax (SST) starting this Saturday (1 Sept). *sobs* it was nice while it lasted!
At a media briefing on SST at the Treasury building today (30 Aug), Finance Minister Lim Guan Eng announced that only eateries that make RM1.5 million and above annually will be subjected to SST, as reported by The Star.
“We received feedback from owners of coffee shops and nasi kandar restaurants, (and) they have asked for the threshold to be increased from RM500,000 (under the GST).”
“Some have asked for it to be increased to RM3 mil annually, which it is a bit too much,” he said.
Taking the feedback into consideration, the ministry had decided to increase the threshold to RM1.5 million, and this will be the final decision.
Lim said the government hopes that by reducing the threshold, it would prevent restaurant owners from increasing prices unfairly. He stressed that the government’s approach with the SST is to ensure the well-being of Malaysians are taken care of.
“We want to ensure that the people are not burdened. The government views this as more important than collecting revenue from taxes.”
Moreover, he urged the Malaysian public to be the eyes and ears of the government. Any eateries that raise their prices unethically should be reported to the Domestic Trade and Consumer Affairs Ministry.
So guys, remember to be aware of any unethical price hike and protect your rights as Malaysian consumers!
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