PETALING JAYA – There are no plans for the government to revive the Goods and Services Tax (GST), said Prime Minister, Datuk Seri Anwar Ibrahim.
Anwar said any decision on tax policies will have to take into account economic impacts and the people's cost of living.
"We will consider other fiscal measures suitable for short and medium term goals," he said in a written parliamentary reply to Datuk Dr Zulkafperi Hanafi (PN-Tanjung Karang).
Zulkafperi had earlier asked if the government plans to reintroduce GST in the country in the short and medium term.
During the Budget 2024 announcement last month, Anwar, who is also the Finance Minister, said the government was looking at raising the Sales and Service Tax (SST).
Anwar, who is finance minister, also said that the High-Value Goods Tax, previously known as the Luxury Goods Tax, will be implemented from May 1 next year.
In a written reply to Chong Zhemin (PH - Kampar), Anwar said that the finance ministry is in the final stages of finalising the new tax policy and its related legislation.
"The implementation mechanism, types of goods and High-Value Goods Tax rates will be announced as soon as the matter is finalised and approved by the cabinet," he said.
The new tax was announced by Anwar during the tabling of Budget 2024.
At that time, he had said, among other things, that the tax in question would cover jewelery and watches. – The Vibes, November 2, 2023
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