GST effects beginning to be felt

Liaw:

THE goods and services tax (GST) has seen its fair share of hiccups since its implementation on April 1, 2015, but the storm is far from over.

Although many had earlier anticipated that the following months will bring about a slowdown in retail spending, the real impact experienced by some businesses has been a lot higher. “There has easily been a decline of about 50% in sales for our European brands in April. We have taken a hard beating,” says a spokesperson from the automotive industry.