GST not suitable for current economy, says economist
Geoffrey Williams calls the goods and services tax regressive and burdensome for lower-income citizens.
Read More:
https://www.freemalaysiatoday.com/category/nation/2024/10/15/gst-not-suitable-for-current-economy-says-economist/
Laporan Lanjut:
https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/10/15/keadaan-ekonomi-tak-sesuai-pm-buat-keputusan-tepat-berkait-gst/
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Read More:
https://www.freemalaysiatoday.com/category/nation/2024/10/15/gst-not-suitable-for-current-economy-says-economist/
Laporan Lanjut:
https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/10/15/keadaan-ekonomi-tak-sesuai-pm-buat-keputusan-tepat-berkait-gst/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
Subscribe to our channel - http://bit.ly/2Qo08ry
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NewsTranscript
00:00Economist Geoffrey Williams said the goods and services tax is not suitable in the current
00:07economic climate.
00:09He was responding to Prime Minister Anwar Ibrahim, who said the GST may be the most
00:13efficient and effective taxation system, but his government's priority is to raise personal
00:19income levels before anything else.
00:21Williams said, if the GST is reintroduced, there will be a 700 ringgit increase in taxes
00:27per person, proving that the tax does not benefit ordinary citizens.
00:33He said businesses tend to prefer the GST regime, as the tax is ultimately borne by
00:38end consumers, not them.
00:41Meanwhile, Universiti Malaysia Kelantan's Abu Sufian Yaakob suggested that the GST regime
00:47be set at no more than 3 percent.
00:50He said the rate can be raised gradually over three to five years.
00:55During the 14th general election, the Dewan Rakyat repealed the GST Act 2014 and paused
01:00the SST Act 2018 in its place.