FMM: Reintroduce GST as lifeline for debt dilemma

It said the tax would be a timely lifeline for the country’s debt dilemma and shore up adequate fiscal buffers to weather the next economic downturn and it should be at a rate that would not burden the rakyat but still help widen its revenue base.

He said that in this regard, GST 2.0’s implementation should not be considered in isolation but as a part of the holistic assessment of Malaysia’s tax system that would require the government to consult all stakeholders for a thorough review process. “The government should maintain the GST registration threshold at RM500,000 and minimise delay in refunds, especially for exporters and businesses with zero-rated supplies, as the long refund period between six and eight months has rendered the GST into an accumulating tax burden,” he added.

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