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MoF: Scrapping GST will create RM21b hole in budget

savemalaysia
Publish date: Thu, 31 May 2018, 05:40 PM

KUALA LUMPUR, May 31 — Malaysia's finance minister said today that a promised withdrawal of a Goods and Services Tax (GST) would create a RM21 billion hole in the budget, which will be mostly plugged by increased oil-related revenues and spending cuts on projects.

Lim Guan Eng said the scrapping of the tax on June 1 can be offset by RM5.4 billion of oil-related revenues and cuts on non-essential projects amounting to RM10 billion.

He said a new sales tax would likely be introduced on September 1, and that the government would meet its projected budget deficit of 2.8 per cent for 2018. — Reuters

https://www.malaymail.com/s/1636974/mof-scrapping-gst-will-create-rm21b-hole-in-budget

 

Discussions
Be the first to like this. Showing 12 of 12 comments

gayinvestor

We can fix that by introducing Capital Gain Tax on the share market.

2018-05-31 18:24

ABCnewbie

Well, I think PH goverment will show that the GST withdrawal will not affect the 2018 budget. The deficit still at 2.8% even with less revenue. This will show that with clean and prudent management, Malaysia should be able to achieve more. I will be watching and evaluating this for the next 5 years and compare it with 2013-2017

https://klse.i3investor.com/blogs/savemalaysia/159022.jsp

2018-05-31 18:32

VWWong

They can fix via setting up Harapan Fund. hahaha. What is going on with this PH government. Don't believe any politicians blindly. They have gotten themselves into the political trap of promising to remove GST. It will come back and haunt them. I am surprise the opposition didn't heckle them on this.

2018-05-31 18:43

ABCnewbie

VWWong,
I know you are voting for BN last election. Unfortunately you just have to wait for 5 more years. In the mean time, enjoy the PH government rule. Maybe you can be an advisor to BN-UMNO how to win next election. They desperately need help. It seems Najib the only vocal voice out there but no one (exception maybe others like you) will believe him. Let's see and compare financial results next year.

VWWong They can fix via setting up Harapan Fund. hahaha. What is going on with this PH government. Don't believe any politicians blindly. They have gotten themselves into the political trap of promising to remove GST. It will come back and haunt them. I am surprise the opposition didn't heckle them on this.
31/05/2018 18:43

2018-05-31 18:57

Dondon

New government just keep on provide fact and giving comment? Please ,the most important is advise and solutions.
I know it's just 2 week for new administration.
Hope they are not going to do for the rest of 5 years
Telling fact with out solutions?
We not vote for news reporter anyway

2018-05-31 20:29

areeno

ayoo...capital gain tax on share market...???

2018-05-31 21:47

huat stock

funny new government

2018-05-31 22:36

VWWong

Tom, which Chinese school did you come from? Must be those who believe in Chinese traditional medicine. Wake up man! No insurance company recognise Traditional Chinese Medicine. No parents are sending their children to study Traditional Chinese Medicine.

2018-06-03 12:02

AlibabaChiam

we dont need GST also can .. hv other tax replace..alot good hv trible GST build in

2018-06-03 12:22

AlibabaChiam

that why thing so expensive

2018-06-03 12:22

AlibabaChiam

when no Gst also need time to digest ..reduce price..wait

2018-06-03 12:24

AlibabaChiam

GST is stupid..dont how to implement properly..

2018-06-03 12:25

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