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PUTRAJAYA: Prime Minister Muhyiddin Yassin said the government would study the proposal from various parties, including industry players, academics and members of the public, for the goods and services tax (GST) to be reintroduced.
He said it was up to the government to be meticulous in studying the effectiveness of the multi-stage tax system in contrast to the single-tier consumption tax currently applied in Malaysia, which is the Sales and Service Tax (SST), and the value added. excise tax applied by many countries.
“Several aspects, including the strengths and weaknesses of the current SST versus the GST model, introduced in 2015, must be taken into account to determine the viability of the GST or any consumer tax model before its implementation,” he said during an interview. with Bernama and local TV stations here today.
He said the study was necessary to determine the overall impact of such taxes, if implemented, on the economy, people’s cost of living and the ability to combat the shadow economy.
“I understand that there are those who think that GST is a more efficient tax system and that collection is also higher than SST. However, we have to study it meticulously.
“The Ministry of Finance had also investigated this matter but has not made a decision. The government will make an announcement once a decision is made. “
He added that any form of consumer tax that is introduced should be simple to administer and not increase business costs.
