KUALA LUMPUR, Jun 18 – Council of Eminent Persons (CEP) member Tan Sri Dr Zeti Akhtar Aziz hoped that consumers will continue to enjoy cheaper products following the move by the government to zero-rate the Goods and Services Tax (GST).
The former Bank Negara Malaysia governor said retailers must pass on the benefits to consumers. She also noted that the zero-rated tax had boost spending among the people.
“That’s excellent. More people have been saying that there is greater vibrancy (in economy) now and people start to spend money. But we also hope retailers will pass on the benefits to the consumers,” she told reporters after attending the CEP daily meeting at Ilham Tower here, today.
The new government had zero-rated the GST beginning June 1 after winning the May 9 General Election. GST, which was introduced in 2015 by the previous government at the rate of 6%, is set to be abolished and replaced with the Sales and Services Tax (SST) from Sept 1 this year. — Bernama