fbpx
Connect with us

News

“GST Will Have A Larger Effect On The Rich,” Najib Suggests The Re-implementation of GST

Published

My Post 2021 09 29T101214.254
Source: PARLIMEN MALAYSIA | YouTube & The Straits Times

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

Anyone who remembers the Goods and Services Tax (GST) in Malaysia, probably does not have fond memories of it.

So much so, that when it was abolished in 2018, the people celebrated as the prices of items became more affordable to purchase.

Based on a report by Sinar Harian, Pekan MP and former Prime Minister, Datuk Seri Najib Razak, is urging the government to re-implement GST as the country recovers from the Covid-19 pandemic.

“The implementation of GST will have a larger effect on the rich and the dark economy that spend more,” he shared.

Gst 2

“GST must be implemented if the country wants to achieve the goal of reducing the income gap, attracting investment and strengthening the government’s fiscal strength,”

“GST revenue collection can be distributed to B40 and M40 communities in the form of cash assistance to the people which is much larger compared to the value of GST paid by them,” he shared when debating the 12th Malaysia Plan (RMK-12) in Dewan Rakyat.

Gst 1

He added that GST could also reduce corporate tax and personal income tax rates, thus attracting foreign investment. Najib also claimed that GST would contribute to the government’s fiscal and the surplus revenue, which could then be distributed to the B40 and M40 communities.

On top of that, he shared that GST can also target the dark economy (referring to those who operate entirely outside the tax and regulatory system or who are known to the authorities but do not correctly report their tax obligations). As much as RM300 billion a year is lost to those who escape paying taxes.

“With GST, the size of the dark economy can be contracted, which is estimated from 25% of Gross Domestic Product (GDP) to 10%,” he added.

What do you think about this? Let us know in the comment section.

 

Also read: Around RM30 Million Allegedly Spent On Renovating Prime Minister’s Official Residence

My Post 2021 09 28T155425.559


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



Just In

7 004 7 004
News10 hours ago

Otoniel: Biggest Narco Since Pablo Escobar Captured

Dairo Antonio Usuga also known as Otoniel is the leader of the Gulf Clan and Colombia’s most wanted drug trafficker...

6 007 6 007
News10 hours ago

No Political Gatherings During Melaka State Elections

As the state of Melaka gears up for the state elections, the Health Ministry has issued a bad on political...

1158 Nepali Workers Have Died In Malaysia 1158 Nepali Workers Have Died In Malaysia
News22 hours ago

Suhakam: 1,158 Nepali Workers Have Died In Malaysia From 2018 To July 2021

The Malaysian Human Rights Commission (Suhakam) was prompted to investigate a report by the Nepal Embassy that reveals the increasing...

Singapore Eases Quarantine Requirement For Malaysia Singapore Eases Quarantine Requirement For Malaysia
News22 hours ago

S’pore Eases Quarantine Restrictions For M’sians, Only 10 Days Quarantine At Home

As announced by the Ministry of Health Singapore on Saturday (Oct 23), the republic will be reopening its borders to...

Large Boulder Fell On Car In Penang Large Boulder Fell On Car In Penang
News2 days ago

Large Boulder Falls & Hits A Car In Balik Pulau, Fortunately No One Was Hurt

A car driver narrowly escaped death after the car he was driving was hit by a boulder that rolled down...

1 007 1 007
News2 days ago

KJ Wants People To Put Their Face Masks On After Eating

If worn properly, wearing a face mask helps prevent the spread of Covid-19 – we ALL know this. But ever...

Tmj Fully Recovered Covid Tmj Fully Recovered Covid
News2 days ago

“The Tiger is back!” TMJ Fully Recovers After Contracting Covid-19 Two Weeks Ago

The Crown Prince of Johor, Tunku Ismail Sultan Ibrahim or more affectionately known as TMJ yesterday evening shared that he...

Pfizer Boosted Shots Restore Full Protection Against Covid 19 Pfizer Boosted Shots Restore Full Protection Against Covid 19
News2 days ago

Pfizer-BioNTech: Vaccine Booster Restores Full Protection Against Covid-19

Based on a large-scale trial of their Covid-19 vaccine booster shots, Pfizer and BioNTech have announced on Thursday (21 October)...

Announcement

Latest Videos



TRENDING TODAY