By DayakDaily Team
SIBU, April 1: Deputy Minister of Public Health, Housing and Local Government (MPHLG) Datuk Michael Tiang Ming Tee calls for the reconsideration of the implementation of the Goods and Services Tax (GST) by the federal government.
According to a news report by Sarawak Public Communications Unit (Ukas), Tiang suggested initiating the GST at a lower rate, ideally to three to four per cent, to balance revenue generation without significantly inconveniencing the populace as opposed to the current six per cent.
To him, GST, which is widely employed in over 160 countries and contributing to approximately 30 per cent of annual revenue, presents a more comprehensive option as opposed to the Sales and Service Tax (SST) which generates only about 11 per cent revenue for Malaysia.
During a talk titled ‘Service Tax and its Changes’ on Saturday (March 30), Tiang also said with the recent SST increase from six to eight per cent in March poses a new challenge for the people and highlighted the importance of taxes for the country and hoped that it would strengthen Malaysia’s financial position.
He emphasised the importance for the federal government to focus on bolstering the national economy, particularly post-Covid-19 and noted the ongoing economic recovery process as well as the added challenges posed by the implementation of new taxes.
Following the ongoing economic recovery, he urged the federal government to attract more foreign investment to the country while highlighting the responsibility to strengthen Malaysia’s financial position amidst its current challenges. — DayakDaily
