KUALA LUMPUR, Oct 27 – Prime Minister Datuk Seri Najib Tun Razak said that the Goods and Services Tax (GST) has proven to be the saviour of Malaysia’s economy even though there are claims it burdens the people. He said GST revenue could cover the shortfall in government income as a result of the drop in world crude oil prices.
“This scenario (fall in oil prices) is beyond our control but thankfully we could cover the loss in government revenue because we were bold enough to introduce the GST. Although people say the government should not have implemented GST or make life difficult for the people, the fact is the GST is the saviour of our economy,” he said when opening the Nu Sentral shopping mall and Menara 1 Sentrum owned by Pelaburan Hartanah Berhad (PHB) at KL Sentral here on Monday.
Najib said if the Malaysian economy slumped, the impact including higher borrowing costs would be burdensome on the people. Meanwhile, he said although the move to introduce the GST was not a popular one, it had to be done in the interest of the people and nation.
The Prime Minister said through Budget 2016, the government had introduced various initiatives to help the people including providing tax relief to children who look after their parents to the tune of RM1,500 per parent. He said this ecourages love for parents so that they are not left at old folks homes.
Meantime, Najib also said that the PHB had achieved much success in developing the Bumiputera economy since in started operations in 2007. He said the Nu Sentral mall and Menara 1 Sentrum office block would enable Bumiputera entrepreneurs share the spillovers of national development.
“Its location is very strategic because thousands use the KL Sentral transportation hub. The government through PHB would also launch trust funds from time to time to give opportunities to Bumiputeras to invest in the property sector,” he said. In additional, Najib had also spent some time mingling with tenants at the mall and also bought a pair of sports shoes.
