Keep GST or Malaysia will regress, Wahid Omar says.
Without the Goods and Services Tax (GST), the country will have to make cutbacks and increase other taxes to make up for the loss of revenue, Tan Sri Abdul Wahid Omar said.
The Permodalan Nasional Bernam (PNB) chairman said the idea to remove GST will not augur well for the development of the nation and added that there were no other alternatives but to maintain the consumer-based tax which was introduced in 2014.
'The suggestion to eradicate GST and return to the Sales Services Tax is a regressive move and would endanger the economy,' the former minister in charge of economic planning said in a statement.
Wahid explained that through GST, Putrajaya managed to collect RM42 billion in 2017 compared to the RM17 billion collection from SST in 2014, adding that there would be a RM27 billion deficit without GST.
He also pointed that with the introduction of GST, the government had also introduced other measures like increasing BR1M subsidies and expanding its recipients to a higher bracket of income households.
With the increase of revenue through GST, Wahid said the government was able to implement several important projects such as highways, bridges, schools, hospitals and clinics, including the construction of the Pan Borneo highway.
'I hope the GST system will be kept. Attention can be given to repair the implementation of programmes and projects that can give more business and job opportunities to the people and increase the society's prosperity,' he added.
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|Publication:||Malay Mail Online (Petaling Jaya, Malaysia)|
|Date:||May 7, 2018|
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