The Socio-Economic Research Centre says the consumption tax can be revived at a low rate during hard times, while zero-rating essential items.
Businesses should be given 12 months to bring back the goods and services tax, starting with 3% or 4%, says the Socio-Economic Research Centre.
At a media briefing here today, Lee highlighted the importance of allowing a one-year time frame for a seamless transition. In response to concerns regarding the impact of GST on lower-income households, the organisation recommended a regressive approach, which would include the zero-rating of essential goods.
It urged the government to seek a simple, easy, and cost-effective mechanism with minimal administrative costs.
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