Part of revenue from SST hike will go back to society, says minister

Free Malaysia Today, 4 March 2024

Amir Hamzah Azizan says the funds can be used to repair school toilets or build houses for the police or armed forces.

Second finance minister Amir Hamzah Azizan said the goods and services tax remained a subject of ongoing evaluation.

KUALA LUMPUR: The government intends to use part of the revenue obtained from the hike in the sales and service tax (SST) to help society, says second finance minister Amir Hamzah Azizan.

He said these funds could be used to repair school toilets or help develop housing for the police and armed forces.

Speaking after attending a programme for Skim Jaminan Pembiayaan Perniagaan (SJPP) and Skim Jaminan Kredit Perumahan (SJKP), offering credit facilities for businesses and housing, at a hotel here, Amir called upon Malaysians to be vigilant against traders exploiting the recent SST rate hike.

He called on the public to report unjustified price hikes.

Amir applauded the domestic trade and cost of living ministry for fining traders who increased prices during its Ops Kesan operation.

Asked on calls to bring back the goods and services tax (GST), Amir said the consumption tax remained a subject of ongoing evaluation.

“At this time, we are focusing on the tools we have, which includes the SST,” he said.

The GST, introduced in 2015, was replaced with the SST in September 2018 after Pakatan Harapan dislodged Barisan Nasional from Putrajaya. From March 1, the SST rate for certain sectors has gone up from 6% to 8%.

In his speech earlier, Amir announced that RM5 billion from the total RM20 billion allocated in the 2024 budget for SJPP would be reserved for Bumiputera companies.

As for SJKP, the government had approved more than 43,000 applications, with total financing exceeding RM8.8 billion.

 

(Web source: https://www.freemalaysiatoday.com/category/nation/2024/03/04/part-of-revenue-from-sst-hike-will-go-back-to-society-says-minister/)