00:00An economist says the government's move to reduce the impact of the expanded sales and service tax
00:06should be fully supported by all parties, particularly consumers, to curb profiteering.
00:12Madeleine Burma, a senior fellow at Institut Masa Depan, Malaysia,
00:16said based on projections by the finance ministry and research firms,
00:20the expanded SST, which came into effect yesterday,
00:23was expected to have a limited short-term impact, including on inflation.
00:27The estimated increases ranged from 0.25% to 1.6%.
00:32However, Madeleine cautioned that the government needs to enhance monitoring
00:36to prevent a sudden increase in the cost of living due to profiteering or unjustified price hikes.
00:43She also said the public must cooperate by providing information and evidence
00:47regarding unjustified price increases to the domestic trade and cost of living ministry.
00:52Abu Sofyan Yaakob from ICAT University College said,
00:56while minimal inflation may be felt over the next 12 months, it is expected to subside thereafter.
01:03He noted that the B40 and M40 income groups are likely to experience minimal impact
01:08as they generally do not consume imported goods or high-end food items such as king crabs.
01:15However, he suggested that the government revisit the list of goods and services
01:19affected by the SST expansion after a certain period.
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