WATCH OUT GUYS, TALK OF GST IS REAL! Brace yourself for hard times ..

Posted by akito > 2013-10-12 01:54 | Report Abuse

WATCH OUT GUYS, TALK OF GST IS REAL! Brace yourself for hard times .. With the economy spewing and sputtering, there is a widespread fear and belief in the country that the Barisan Nasional (BN) government is set to impose a Goods & Services Tax (GST) that is set to witness the disposable incomes of the majority of Malaysians drop further. Since it was discovered that only 16 per cent of Malaysian workers pay taxes, the BN government has come up with this cunning of GST to ensure that everyone contributes to the financial coffers of the country. With about 82 per cent of the workforce in the low income group, earning less than RM2, 000 a month, all this is really a smack in the face for those of us who harbor the Malaysian dream of becoming a high income nation. When a boisterous and buoyant Najib Tun Razak became prime minister, he promised to make Malaysia a high income nation. What we have since been witness to is that the nation is not becoming a high income country but beset by heavy taxes on the people. Besides this, of greater concern, despite contradictory views by the Malaysian Employers Federation (MEF), the wages and salaries of the workforce have not risen in harmony with the cost of living and inflationary trends. Except perhaps for the government sector, where the BN government takes great pains to ensure civil servants are buffered and cushioned from the effects of an economy that has been witnessing a price spiral ever since Najib took over the reins of power. This imbalance between the public and the private sector, where the private sector is responsible for producing the greater level of productivity is beginning to cause Malaysians as consumers to wonder how long they will be able to sustain their present standard of living. It does not help that the Third Force or migrant workers are competing with the locals for a greater share of the economic pie. This unbridled, uncontrolled arrival of streams of migrant workers arriving on our shore has heated up the competition. This means the Malaysian private sector workers is under great threat and stress from all sides and now with the expected imposition of GST they are most certainly going to become under a greater amount of hardship and suffering. Brace yourself for hard times Malaysians ...continue here http://malaysia-chronicle.com/index.php?option=com_k2&view=item&id=173612:malaysians-brace-yourselves-for-hard-times-talk-of-gst-is-real&Itemid=2#axzz2hPoaIdMN

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5 comment(s). Last comment by akito 2013-10-12 13:46

Fortunebull

2,599 posts

Posted by Fortunebull > 2013-10-12 01:58 | Report Abuse

Ha! Problem with Bolehland today! Publish too much negative news! Didn't publish how Najib and US together with China proxy want to fry the market! Try checking how quietly US being pumping money into bursa! When worry about tapering and us debt they actually pumping becoming direct shareholders in bursa! Very smart! Waiting for that special signal to burst new high!

akito

566 posts

Posted by akito > 2013-10-12 02:43 | Report Abuse

Ani Arope on how TNB got a raw deal from IPPs


In his book published by the Fulbright Alumni Association of Malaysia, former Tenaga Nasional Bhd (TNB) executive chairperson Ani Arope reveals how, after the landmark blackout in Peninsular Malaysia in 1992, TNB was forced to surrender the land it had acquired in Paka (Terengganu) and Pasir Gudang (Johor) to a third party for power plants.


..read more here

http://www.malaysiakini.com/news/243579

akito

566 posts

Posted by akito > 2013-10-12 13:35 | Report Abuse

So easy to get past the MACC, just say you're STUPID OR CARELESS!

In a forum on the Audit Report 2012 at the Karangkraf headquarters, Malaysian Anti-Corruption Commission (MACC) chief Abu Kassim Mohamed reveals how people can get-by MACC despite causing a loss of public money.

“The problem is our laws, carelessness is not an offence, and we cannot charge someone for being stupid,” said Kassim in the forum titled ‘Audit Report: Wastage or Oversight’ yesterday.

On contrary, he said, in developed countries such offences are punishable.

In the forum also participated by Auditor General Ambrin Buang, Public Accounts Committee (PAC) chairperson Nur Jazlan Mohamed and DAP publicity chief Tony Pua, Kassim said the financial leakages repeated annually in the AG’s reports because there was no rectification done to government procedures in procurements.

According to him, purchasing in bulk, despite in open tender, posed a risk where the lowest bidder’s pricing may be still way above the market price.

“Don’t allow unreasonable purchase. If the market price is RM100 but you allow purchase at RM3, 000, this is unreasonable,” he said, perhaps referring to the exorbitant wall clock, costing RM100 by purchased at RM3, 800 by Radio Televisyen Malaysia as reported under the AG’s Report 2012.

Agreeing with Kassim, Ambrin urged government departments to use experiences and intelligence to avoid buying items solve above market price.

He said they should opt for direct purchase and stressed that it was within the government procedures to do so.



Harakahdaily

Full article: http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=173822:so-easy-to-get-past-the-macc-just-say-youre-stupid-or-careless&Itemid=2#axzz2hSPGBQK0

akito

566 posts

Posted by akito > 2013-10-12 13:41 | Report Abuse

At every level, government shows blatant disregard in spending of public funds, Anwar tells forum


http://www.themalaysianinsider.com/malaysia/article/at-every-level-government-shows-blatant-disregard-in-spending-of-public-fun

akito

566 posts

Posted by akito > 2013-10-12 13:46 | Report Abuse

Income tax reduction unlikely after GST implementation - Bernama

October 12, 2013

Any reduction in personal and corporate income tax is unlikely in the near term following implementation of the goods and services tax (GST), due to uncertainty in the global and local economies, as well as adaptation of local businesses to the new tax structure.

Tax and Malaysia chairman Dr Veerinderjeet Singh said Malaysia is currently in a period of uncertainty, and it was not the right time to reduce income tax, even with the GST in place.

"I hold the view that you should not be reducing the income tax now. If you look at the statistics, we are having a fiscal deficit without a booming economic climate, while expecting slower growth this year.

"It is better to wait and clear the other issues first, such as reviewing the incentives structures for the future," he added.

He told reporters this after presenting a paper, GST: The Good, The Bad and The Ugly, at a seminar organised by the Malaysian Economic Association yesterday.

Veerinderjeet said lower income tax would attract more businesses to Malaysia, but due to the current global economic situation, the desired effect is unlikely to happen or might be less than expected.

He said while pursuing the 2020 vision, the country still lacks a tax system that is equivalent to the developed nations.

"We need to look at that and not do things on an ad hoc basis (such as) reducing it (income tax), because the people want it.

"You (government) have to reduce income tax, if you think in the long-term it will benefit the country," he added.

Asked about the GST, he said it would probably take effect in 2015 if implemented, with the necessary procedures in place on educating the people, which takes at least a year.

"Eventually, if the GST is introduced in 2015, you need to give it a couple of years to stabilise and subsequently, you can increase the rate and bring down the income tax," Veerinderjeet said.

It is anticipated that the GST may be announced in the Budget 2014 on October 25.

The GST was first tabled in Parliament on December 16, 2009, to replace the existing Sales Tax and Services Tax, but withdrawn last year for amendments.

The broad-based multi-staged consumption tax or value added tax is imposed on the supply of goods and services and is aimed at curbing tax evasion. - Bernama, October 12, 2013.

http://www.themalaysianinsider.com/malaysia/article/income-tax-reduction-unlikely-after-gst-implementation-bernama

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