The government has revealed that the sales and services tax (SST) will be reintroduced this year, and will be set at 10%, the same rate it was when it was replaced by the goods and services tax (GST) in April 2015, The Sun reports.
UPDATE: SST will be reintroduced from September 1, 2018.
This was announced by Lim Guan Eng in his first press conference as finance minister earlier today. He explained that SST will be reintroduced at the same rate as per Pakatan Harapan’s manifesto and any changes will be announced, but did not mention exactly when it will be reintroduced.
“We want to replace the GST with SST as soon as possible. It will definitely be this year, but let us work it out before we give a date,” he told reporters.
Last week, Tun Daim Zainuddin, head of the government’s Council of Eminent Persons said that SST can be established in two to three months. He added that the return of the SST is estimated to raise approximately RM30 billion and will mitigate the loss from GST collection. Ahead of SST’s return, GST will be revised from 6% to 0% as of June 1.
It is important to note that when GST was introduced, prices of cars did go down. This creates a likelihood of prices going up by a few percent when SST returns. So, with companies announcing GST-free prices, it would be wise to take advantage of this tax-free period.
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AI-generated Summary ✨
Comments mainly discuss the reintroduction of the 10% SST, with some mentioning that it is a one-time rate unlike GST, which applied at multiple stages. Several commenters compare SST to GST, arguing that prices for goods like cars and restaurant meals may increase under SST due to higher rates and less oversight, leading to fears of inflation and profit hikes for businesses and the wealthy. Others criticize government spending, corruption, and debt management, emphasizing that the previous government left a high national debt, and expressing skepticism that the new rates will benefit the rakyat or improve services. Many anticipate higher costs post-implementation, urging timely purchases of vehicles and goods before prices rise further. Overall, sentiments range from cautious acceptance to skepticism and criticism of economic management and policy decisions.