KUALA LUMPUR: The possibility of reintroducing goods and services tax (GST) will need to be carefully executed to ensure the people gain full benefit from the tax system, economists said.
Lead researcher , INCEIF University, Prof Dr Baharom Abdul Hamid said the GST, which is a consumption-based tax, is an important component of the economy but the government needed to be very careful in terms of executing the tax as well as identifying the goods and services that would be taxed.
"While we want an additional tax via GST or via consumption base, we maintain the income progressive based tax so the people were not happy,” he said on BernamaTV’s special programme on the 12th Malaysia Plan mid-term review on Tuesday. "We realise that the main problem with the GST is the apparent burden which psychologically affects the consumer and we know that economics is a sign of behaviour.
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