Opposition to SST persists just days to rate hike

Free Malaysia Today

Stakeholders want a return of the GST while an economist says the 2% increase should only be implemented when the economy is on a steadier footing.  Read More: https://www.freemalaysiatoday.com/category/highlight/2024/02/28/opposition-to-sst-persists-just-days-to-rate-hike/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTBusiness #SST #Economist #BarjoyaiBardai #ChristinaToh

Transcript

00:00 [Music]

00:02 The government will postpone the implementation of this 2% increase in service tax.

00:11 It can be increased later, but postpone it now.

00:15 In the meanwhile, we could try to work on an effort to try to really reduce the cost of living.

00:26 Just days before the 2% increase in the sale and service tax takes effect,

00:31 economist Parjoyay Bardai is calling on the government to put the hike on hold.

00:36 Parjoyay said increasing the SST now will only add 2 billion ringgit to 3 billion ringgit to the government's coffers,

00:44 but it can have an adverse impact on the broader economic outlook.

00:49 This, he said, is because consumer spending plays a vital role in driving GDP growth.

00:55 It is the behavioural effect of the consumer that we need to really be taking care.

01:03 For hoteliers, Christina Toh, the president of the Malaysian Association of Hotels, said

01:09 the increase will have a domino effect within the supply chain.

01:13 In other things that we are purchasing, obviously, it's a 2% more.

01:21 So obviously, it will see some increases in that sense.

01:26 But, Toh said, the impact will be different depending on the class of hotel as well as its location.

01:33 The SST rate is set to rise from 6% to 8% starting March 1st,

01:38 but food and beverages and telecommunications are exempted from the hike.

01:42 (upbeat music)

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Transcript

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