fbpx
Connect with us

News

GST Can Be Reintroduced In 2022 But Not Anytime Soon, Economist Proposes 4% & Not 6%

Published

on

Ft Image Gst
Source: Asean Briefing & Harian Metro

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

The goods and services tax (GST) is likely to be reintroduced but not anytime soon but perhaps in 2022.

Gst

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Pjimage 2020 11 19T094225.706


Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Pjimage 2021 06 16T164217 Pjimage 2021 06 16T164217
News8 hours ago

No More Muhyiddin, PM Will Now Officially Be Addressed As Mahiaddin!

How are Malaysians reacting to this small but significant news? Just one day after his Covid-19 National Recovery Plan, Prime...

Gymm Gymm
News11 hours ago

Man In Penang Opens Gym After Customer Asks Him To, Gets Fined RM10,000

A 58-year-old gym owner in Penang was compounded RM10,000 after his customers requested that he open the gym during the...

Acp Ft 2 Acp Ft 2
News11 hours ago

Klang Man Confiscates Wife’s Phone And Locks Her At Home As She Didn’t Make Breakfast

A man in Klang attempted to lock up his wife in their apartment at Bandar Bukit Tinggi, after becoming infuriated...

Building Building
News13 hours ago

25yo Man In Jinjang Who Lost His Job Rescued After Trying To Jump Off Building

Trigger warning: This article contains elements of suicide and depression which some readers may find disturbing. A 25-year-old man was...

Pjimage 2021 06 16T105046 Pjimage 2021 06 16T105046
News14 hours ago

UPDATE: Chicken Processing Factory Carrying Workers In Lorry Ordered To Close Down

Hopefully, justice will be served! On 14 June, netizens were enraged when images and videos of  Covid-19 positive foreign workers...

Pb Pb
News15 hours ago

Fight Breaks Out Among Group Of People At KL Wholesale Market Due To Misunderstanding

A fight broke out at the KL wholesale market, reportedly due to a misunderstanding over a vegetable basket. The police...

Pjimage 57 Pjimage 57
News1 day ago

MAIWP-Owned Grocery Stores Will Offer Free Sanitary Pads To Help Combat Period Poverty

With so many livelihoods affected by the pandemic, the price of a pack of sanitary pads can be costly for...

Pjimage 59 Pjimage 59
News1 day ago

KPJ Selangor Initiates Programme To Help Bedridden Patients & The Elderly Get Vaccinated

As the National Covid-19 Immunisation Programme (PICK) is gearing up for the second phase which focuses on high-risk groups and...

Announcement

Latest Videos



TRENDING TODAY