Do read an article on Goods and Services Tax (GST) and Sales and Services Tax (SST) if you would like to know why SST has a gap versus GST and why SST is good or why GST is better. Article: SST: For better or worse. The only thing we do not need to do is debate further because the SST is already back and has been reaffirmed to be unchanged even when there were debates last year. More importantly, how is SST performing for the government? Is it giving the government more money or lesser? Below is one latest update.
Article in thestar.com.my Finance Minister Lim Guan Eng shared that the SST has helped the government to collect RM27.5 billion and this surpassed the targeted RM22 billion. This is a proof of the country’s resilient economy. He said, “It shows that indeed, the economy is still strong although the shortfall compared to the previous Goods and Services Tax (GST) collection of RM44 billion, leaves a gap of RM17 billion.”
As for 2020, the SST revenue target will remain the same at RM27.5 billion. He said, “Everything is planned fiscally and according to fund managers and foreign investors, they are quite confident that we can achieve our target. Market watchers are probably more concerned about other factors such as the trade war and Iran-US conflict which is now being de-escalated.” Do read the full Article in thestar.com.my
When I started working way back in 1998, I paid income tax within my first full year of working. In my second year, the tax amount went up and I complained to my mother that I was charged a higher tax. My mother replied that higher tax meant higher income. Thus, the actual question is do I want a higher income or for my income to continue to remain almost the same and thus I could pay a lower tax.
So, perhaps in this sense, we could also say that the country is doing better because SST collection is up. However, if this the case, then I hope that the collection target for 2020 which is RM27.5 billion will be HIGHER so that again it reflects the economy’s strength. Let’s keep this in mind and revisit this. Happy understanding and please continue spending and investing yeah. Cheers.
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