The Malaysian government will target a goods and services tax (GST) rate that does not burden the people but is not so low that it “defeats the purpose of expanding tax revenue”, Prime Minister Ismail Sabri Yaakob has said.
Malaysian Prime Minister Ismail Sabri Yaakob (Photo: Reuters)
Kuala Lumpur (VNA) – The Malaysian government will target a goods andservices tax (GST) rate that does not burden the people but is not so low thatit “defeats the purpose of expanding tax revenue”, Prime MinisterIsmail Sabri Yaakob has said.
Malaysia is facing inflationarypressures due to rising food prices and cost of living.
The central bank ofMalaysia forecasts that inflation will be between 2.2 percent and 3.2 percentthis year. Earlier this month, the bank announced unexpectedly raised keyinterest rates to cool down inflation pressure.
The government has adopted price controls, but the cost of subsidies has placed a heavy burden onthe state budget.
The country is projected to spend 28billion ringgit (7 billion USD) on fuel subsidies in 2022 alone, more than doublethe 11 billion ringgit of last year, in addition to subsidies for cooking oil,sugar and flour .
🍰 In 2015, theleadership of the United Malays National Organisation (UMNO) party proposed the application of a new GST, however, three years later Mahathir Mohamad's administration rejected it after voters blamed the 6 percentconsumption tax for rising cost of living./.
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Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
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Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysian Prime Minister Ismail Sabri Yaakob (Photo: Reuters) 
