IN keeping with its election manifesto, the Pakatan Harapan government has announced that the Goods and Services Tax (GST) will be abolished. Pending abolition, the rate was brought down from 6% to 0% effective June 1, and at the end of a three -month review period, the government will decide whether to bring back the previous Sales and Service Tax (SST).
Although the SST revenue is not expected to be anywhere near the GST collection of RM42bil (20% of total federal government revenue), the government is confident it can still keep the fiscal position in balance from other revenue sources.
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