GST Malaysia? Still under study.
Readers would know that I am pro-GST if it’s compared to Sales and Service Tax (SST). However, I am just a blogger, so I can just write. Anyway, statistically, 160 countries in the world have implemented GST. (read here for source) In case anyone like to ask about the total number of countries, well there are 195. The typical rates are also higher than the 6% which Malaysia’s GST was. (Yes, I agree that it could have started lower as well) Here is the latest news.
Article in themalaysianreserve.com Finance Ministry says that the government is still studying the suitability of implementing the Goods and Services Tax (GST) and the usage of other taxation models.
The study took into consideration all aspects including the weaknesses of the existing Sales and Services Tax (SST) and the GST which was implemented in 2015.
Ministry’s oral answer said, “The study being carried out also covers the impact on the economy, cost of living, cost of goods, as well as ability to address the shadow economy (or black market).” Article in themalaysianreserve.com
A comparison between GST vs SST?
More reading of what experts say
Article in nst.com.my GST better than SST, say experts.
Article in mypf.my How SST is different from GST. “SST revenue shortfall vs GST 2018: RM21b”
Article in paultan.org GST reimplementation could reduce Malaysian car prices, says analyst – but is that really the case?
Article in themalaysianreserve.com GST more efficient, but not suitable for now
Article in thesundaily.my Will the goods and services tax make a comeback?
Let’s see what happens next. The only constant in change is change itself. Just need to remember that whatever shortfall there is from tax collection will have to be found somewhere else. That’s the biggest elephant in the room for the government to answer. Cheers.
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Next suggested article: Bankruptcy in Malaysia during the MCO period. High or low?