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BUSINESS • 12/11/2024 09:13 PM

SST Enhancements Expected To Help Generate RM51.7 Bln Revenue In 2025 -- Amir Hamzah

KUALA LUMPUR, Nov 12 (Bernama) -- The enhancements to the Sales and Service Tax (SST), effective from May 1, 2025, are expected to help generate revenue of RM51.7 billion in 2025, according to Finance Minister II Datuk Seri Dr Amir Hamzah Azizan.

He said this represents an additional revenue of RM5 billion over the current SST collection forecast of RM46.7 billion.

“Of the RM5 billion forecast, RM2.2 billion would be from sales tax collection while RM2.8 billion would come from service tax collection.

“This increase in revenue would be sufficient to accommodate the government’s current needs and, at the same time, would not burden the low-income group,” he said when winding up the Supply Bill 2025 (Budget 2025) debate at the policy level for his ministry in the Dewan Rakyat today.

Amir Hamzah said the scope of the service tax will be extended to include the provision of commercial services between businesses, or business-to-business, which is currently not taxed.

The SST expansion is done in a progressive manner, as the structure and method takes into account the people’s economic affordability as well as the impact on the low-income group, he said.

“The SST expansion focuses on the imposition of tax on specific goods and services so that essential food items and services are not subject to the SST imposition.

“Therefore, it does not have an effect on the low-income group which depends on these essential goods and services,” he said.

Amir Hamzah said in line with strengthening fiscal position, part of the additional tax revenue will be used to enhance cash assistance provided to the people as well as increasing the quality of educational and health services,” he added.

-- BERNAMA

 

 


 

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