fbpx
Connect with us

News

Prices Of Goods Likely to Drop by More Than 6% Come June 1, Tax Expert Says

Published

Prices Of Goods Likely To Drop By More Than 6% Come June 1, Tax Expert Says - World Of Buzz 3
Source: Malay Mail

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

The announcement that the Goods and Services Tax (GST) reducing to zero per cent starting June 1 was welcome news for almost everyone in Malaysia. While it is still unclear how it will affect prices of goods, an expert said that it would likely reduce prices by more than 6 per cent.

Prices Of Goods Likely To Drop By More Than 6% Come June 1, Tax Expert Says - World Of Buzz

Source: the star

According to Berita Harian,  Prof Dr Barjoyai Bardai, who is the Tax Expert at Tun Abdul Razak University, said that lowering GST actually benefits merchants as it helps them save costs.

“Retailers can save on operation costs and ultimately pass on these savings to consumers. Depending on the amount they saved, retailers can actually reduce prices by more than 6%.” Hopefully!

He also said that it was a good thing to keep GST at 0% rate because the retailers had already invested in the accounting system. “If the government had abolished GST, then retailers might have been angry and asked for compensation instead, but luckily they just reduced it to 0%,” he explained.

Prices Of Goods Likely To Drop By More Than 6% Come June 1, Tax Expert Says - World Of Buzz 1

Source: astro awani

The Ministry of Finance said yesterday (May 17) that a fiscal renewal programme and the Sales and Services Tax (SST) would be reintroduced. They chose to do away with the unpopular GST as they find that it is a burden on the rakyat, Barjoyai said.

“The government cares more about helping the people with the cost of living, so they chose the tax that would lower the prices of goods. GST is more to increase the income of the nation and the government reduced it so the people would not suffer,” he added.

Prices Of Goods Likely To Drop By More Than 6% Come June 1, Tax Expert Says - World Of Buzz 2

Source: malay mail

Barjoyai assures that we won’t have to worry if this move will affect the economy due to increasing crude oil prices, which helps pad our coffers. An increase of US$1 (RM3.97) for a barrel of crude oil helps us get another RM3 billion of income, according to the tax expert.

Let’s hope that come June 1, the prices of goods really will be decreased!

 

Also read: Najib Says Introducing GST Was the Hardest Decision He’s Made, But It Made M’sia Stable

 - World Of Buzz

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



Just In

Feat Image Death Feat Image Death
News9 hours ago

18yo Teen in Penang Dies from Electrocution While Charging His Smartphone Using Socket on Express Bus

A teenager has tragically died in Butterworth, Penang, after he was electrocuted while charging his smartphone using a socket onboard...

Feat Image Twin Tower Feat Image Twin Tower
News12 hours ago

M’sian Activist Urges KLCC Twin Towers be Renamed “Sabah & Sarawak” in Honour of The Borneo States

Malaysian activist and founder of Saya Anak Sarawak (SAS) Peter John Jaban has urged for the KLCC Twin Towers to...

Collage 13 Collage 13
News12 hours ago

“They’ve been here over 3 months” – Foreign Beggars at Johor Pasar Malam Make up to RM12,000 a Month

Foreign beggars are making up to RM12,000 a month at a night market in Johor. In an official statement by...

Feat Image Parking Fine Feat Image Parking Fine
News14 hours ago

M’sian Vehicle Owners with Unpaid Parking Fines Face CTOS Blacklist as They’re Now Added to The System

The Miri City Council (MCC) has introduced a new measure to ensure that vehicle owners in Sarawak’s second-largest city adhere...

Feat Image Arrest Feat Image Arrest
News14 hours ago

Thai Police Arrests Famous Kelantanese Female Celebrity at Golok Hotel for Possession of 6,000 Meth Pills

A popular Kelantanese female singer was arrested by the Thai Police at a hotel in Golok, Narathiwat, north of the...

Collage 12 Collage 12
News17 hours ago

Kelantan Govt Says Cinemas in the State Must Play Movies With Lights On to Prevent ‘Unhealthy’ Activities

After a few decades, Kelantan remains one of the states in Malaysia that don’t have cinemas. The state government, however,...

Feat Image Indo Ban Pixel Feat Image Indo Ban Pixel
News2 days ago

“Who’s next?” – After Apple iPhone 16 Series, Indonesia is Now Banning Google Pixel Smartphones in The Country

Previously, we shared how Apple’s latest flagship smartphone series, the iPhone 16 Series, is currently banned from being sold in...

Feat Image Bnm New Rule Feat Image Bnm New Rule
News2 days ago

Bank Negara Now Requires All Money Changers in Malaysia to Record Full Name & IC Number of Customers

If you’re planning on visiting your local authorised money changer before that overseas trip to change Malaysian Ringgit banknotes to...

Announcement

Latest Videos



TRENDING TODAY