Prime Minister Tun Dr Mahathir Mohamad speaks during a press conference at Parliament. - BernamaTun Dr Mahathir Mohamad is confident that collection the from Sales and Services Tax will surpass that of the now-abolished Goods and Services Tax in the next few years.
The Prime Minister acknowledged that there is expected to be a shortfall of over RM20 billion this year under the current tax regime, as compared to the RM44 billion annual collection under GST, but said this was usual for any new taxes that were introduced. “It is true, when any new taxes are implemented, collection from that tax will experience some shortfall in the beginning. This is due to adjustments that needed to be made.
“But I’m confident in the coming years, collection from SST will be higher than GST,” he told the Dewan Rakyat, here today. Mahathir was responding to questions from Datuk Seri Ismail Mohamed Said on the expected shortfall under SST and if the government has policies and plans in place to cover the shortfall.
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