The Ministry of Finance (MoF) announced tax reforms today, increasing sales and service tax (SST) from 6% to 8% starting March 1, aiming to generate an extra RM3 billion in revenue. Minister of Finance II, Senator Datuk Seri Amir Hamzah Azizan, stressed a balanced approach, focusing on discretionary activities and B2B services to shield the public from undue burden.
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8pc SST
Notably, essential services like food, telecommunications, and parking remain untaxed. The changes aim to bolster the national fiscal foundation while fostering economic growth under the Madani Economy framework, emphasizing prudent spending, reducing leaks, and attracting foreign direct investment (FDI). Thus, a majority of users will not have to worry about the new 8pc SST.
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