PRIME Minister Datuk Seri Ismail Sabri Yaakob’s announcement that the government is considering reintroducing the goods and services tax (GST) is a welcome one. International agencies familiar with the Malaysian economy have also been suggesting that GST be brought back to strengthen the revenue system and thereby reduce the fiscal deficit.
Over 140 countries in the world have implemented GST, or VAT (value-added tax) as it is called in some nations, because being a broad-based tax on consumption, it is a powerful revenue earner.
