GST Can Be Reintroduced In 2022 But Not Anytime Soon, Economist Proposes 4% & Not 6%
The goods and services tax (GST) is likely to be reintroduced but not anytime soon but perhaps in 2022.
According to the economist, Associate Prof Dr. Ahmed Razman Abdul Latiff, although GST is enough to be seen as an efficient and comprehensive initiative, looking at the current spending of Malaysians, it is not suitable to implement it any sooner.
Apart from that, based on the retail and wholesalers index in November, the spending trend is still showing a declining pattern, as reported by Astro Awani.
“This GST may be introduced in 2022 when the economy is expected to recover but at a low rate.”
In an interview with Bulletin Awani, Dr. Ahmed Razman said the GST percentage can be introduced again but maybe at a lower percentage than before.
“Not six per cent, maybe four per cent so that at least the government has the opportunity to increase the tax rate if there is a need for the government to increase revenue.”
“But for next year, the focus should be on controlling spending planned in the 2021 Budget so that there is no leakage.”
He also said that the government should think of alternatives to boost the economy without increasing debt or adding new income and tax revenue.
These days, when people talk about the economic crisis, it is due to the liquidity, as people don’t have enough cash to do business transactions.
“Actually, the money is there, but it is held, stored, and not spent by certain groups, causing the B40 and M40 groups, especially those who do not have enough money to spend, including Small and Medium Industries (SMIs).
“What the government is doing through the stimulus package, Budget 2021, is to directly channel government allocations or projects so that money enters the market, more transactions can be done,” he said.
Also Read: “M40 are poorer than the B40″ M’sian Says The M40 Don’t Benefit From Budget 2021 Despite Paying Tax
Here’s Everything You Need to Know About PM’s PEMERKASA Announcement
Earlier this evening, Prime Minister Muhyiddin Yassin held a press conference to announce the new special aid package, named ‘PEMERKASA’....
PEMERKASA: Govt To Increase Allowance Limit For OKU Workers From RM1,200 To RM1,500
In today’s live broadcast by Prime Minister, Tan Sri Muhyiddin Yassin, he announced that the government has agreed to increase...
PEMERKASA: Local SMEs To Receive RM1,000 Monetary Aid To Resume Operations
In today’s live broadcast by the Prime Minister, Tan Sri Muhyiddin Yassin, he announced monetary aid to help small and medium...
PEMERKASA: RM500 One-off Aid For B40 Individuals Who Lost Their Income
In today’s live broadcast by the prime minister, Tan Sri Muhyiddin Yassin, he announced a monetary initiative to help those who...
Popular Massage Parlour in Subang Jaya Raided By Police Officers During Ops Noda
On 13 March, a team of police from Subang Jaya’s D7 BSJD Branch has carried out a raid on a...
Lazada Turns 9 & They’re Launching The New ‘Lazada Bonus’ Feature Plus a Line-up of Surprises This March!
Having served the Malaysian online shopping community since 2012, Lazada celebrates its 9th anniversary this year with a new ‘Lazada...
Here’s How M’sians Can Show Their Skin Some Love & Achieve Their Skincare Goals By CNY
According to facial Feng Shui beliefs, clear and smooth skin is reflective of good intentions and smooth sailing for the...
MCO: Here’s How These M’sians Managed To Thrive & Sell 6,000-8,000kg of Produce a Month Thanks To Lazada
Just a few days ago, it was announced that the MCO will be reinstated and enforced on all states except...