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THE Ministry of Finance (MoF) has set up a committee to assess the viability of reintroducing the goods and services tax (GST) into the Malaysian indirect tax landscape. The GST was replaced by the sales tax and service tax (SST) in September 2018.
IT’S the government’s job to grease the wheels for businesses to stay afloat, especially the smaller ones, as Malaysians struggle with the impact of the Covid-19 pandemic
GOVERNMENTS globally have been undertaking pump-priming measures this year in a bid to lift their economies out of the Great Lockdown, the economic crisis caused by Covid-19.
PETALING JAYA: A solution should be found for the cascading effect of the Goods and Services Tax (GST) before the government considers reimposing the taxation system, say experts.
Govt expects figure to hit RM4.7b in 2021 from RM2.8b in 2020
The government decided no windfall tax will be imposed on glove manufacturers to avoid potential “opportunity costs/losses” such as glove manufacturing companies investing overseas instead of in Malaysia, and sending wrong signal to existing and potential investors in other industries.
“I am relieved that the government has allowed us to take out money from Account 1 of our Employees Provident Fund (EPF). I sell flowers and cookies from home to earn a living while my husband works in Singapore. My business was badly hit due to Covid-19 and my husband was unable to send back as much money as he used to as he now has extra expenses to bear due to the closure of the border. He used to travel back and forth between Johor and Singapore daily but he now has no choice but to remain in Singapore where he has to fork out extra cash for his rent there as well as for his daily basic needs. I am depending on my sales here for my five children who are between 14 and 24-years-old. Three of them are schooling while two are still looking for jobs. The money from the EPF really helps to ease our burden but I have made it a point to only take it out when we are desperate. ”S. Sumathi, 47, trader
SINGAPORE (The Straits Times/ANN): Inbound travellers arriving in Singapore can now purchase insurance coverage for Covid-19 related costs incurred during their stay here.