The government will not implement the GST this year.
This year, the government will not implement the Goods and Services Tax (GST).
The administration is looking into the potential of re-implementing the Goods and Services Tax (GST), according to a message from Finance Minister Tengku Zafrul. Implement a consumption tax.
The administration plans to restore GST and enhance the process and efficiency of tax refunds, according to Zafrul. The government will improve both taxable and non-taxed commodities, as well as government personnel’ skill levels and the overall control of GST.
Implement the GST, a tax system that is more effective, transparent, and reduces revenue leakage, in 175 of 193 nations (90 percent).
According to Zafrul, overall national tax income in my country will account for 15.1 percent of GDP in 2021, compared to 18.9 percent in Singapore, 17.7 percent in Thailand, and 15.5 percent in the Philippines. This data demonstrates that the tax system in my country is unable to efficiently redistribute wealth.
Zafrul also stated that, despite increased global crude oil prices, the government is still able to provide fuel subsidies to the general public. The government’s gasoline subsidy is set to exceed RM30 billion this year, with a monthly payout of RM5 billion in May.
