By Zairina Zainudin
KUALA LUMPUR, Sept 20 (Bernama) -- The outcome of review of the list of goods under the Sales and Services Tax (SST) is expected to be announced before the tabling of the 2019 Budget, said Finance Minister Lim Guan Eng.
He said the government had received a lot of feedback from the people to review the tax rate and reduce it for several necessities including cosmetics, camera and retreaded tyres.
“The feedback from the female community said that cosmetics are important and needed. We respect (this) and will reduce (tax rate) to five per cent (from 10 per cent).
“If it (tax rate reduction) can guarantee the economic wellbeing of the people, we will implement,” he said to Bernama.
Lim also said that since the SST was reintroduced, the prices of most products were lower by 0.2 per cent compared with the prices under the Goods and Services Tax (GST) regime.
“In the event of a price increase, it (difference in increase) is much lower compared with GST because previously many goods were subject to the GST, however, now not anymore, such motorcycles below 250cc, baby diapers and sanitary pads,” he added.
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