PETALING JAYA: The business fraternity is in favour of the revival of the Goods and Service Tax and asking the government not to wait until the minimum wage reaches the RM3,000 to RM4,000 threshold to reintroduce it.
“GST should be brought in now rather than later, but it should start at a lower rate so that we can ensure that it will be implemented more efficiently, effectively, with less leakages and cost so that it will give the government more revenue to implement development projects as well as cash transfer,” he said.
“Raising the minimum wage to RM3,000-RM4,000 is intended to ensure lower-income households have greater disposable income before implementing a consumption tax that can disproportionately affect them. “In this context, businesses might pass these costs onto consumers, potentially negating the income gain for workers. A more gradual increase in the minimum wage might help mitigate this, allowing businesses to adjust without significant disruption.”
“I think it is not practical for us to wait until the minimum wage reaches RM3,000 to RM4,000,” he said, as the current minimum wage rate of RM1,500 is still far from that.
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