GEORGE TOWN: The Finance Ministry's Fiscal Survey 2024 shows that the Goods and Services Tax is a better system compared to Sales and Service Tax says Datuk Seri Dr Wee Ka Siong.
Reading from the book, Dr Wee said the question of double taxation does not arise in GST and added that while the SST rate was imposed on sales and services , GST only has a single tax rate of 6%. He added that there is no need to introduce e-invoicing to prevent tax dodgers as GST will automatically handle the issue as payors have to present all their details for refunds.
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Sales and services tax hike not expected to cause sharp price increases, says Finance MinistryThe sales and services tax (SST) hike is not expected to cause sharp price increases that would lead to an economic shock, says the Finance Ministry. The statement also noted the 2% increase would affect discretionary activities and business-to-business services, while key essential services such as food and beverage, telecommunications, parking and logistics are exempt. Meanwhile starting March 1, electricity users over 600kWh will be affected by the sales and services tax (SST) hike from 6% to 8% among other services. The increased SST is set to generate an additional RM3bil revenue, said the Finance Ministry.
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