GST still better in the long run, say economists

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An economist says other measures such as a simpler and flatter income tax system must also be introduced. (Bernama pic)PETALING JAYA: Economists have disagreed with a DAP man’s call for Putrajaya not to reimplement the Goods and Services Tax, which was done away by the Pakatan Harapan government, and argue that GST is better for the country in the long run and could play a key role in the current economic crisis.Centre for Market Education Malaysia CEO Carmelo Ferlito said taxes on consumption would push people towards a saving-oriented mentality, adding that this was particularly necessary since household debt in Malaysia was among the highest in the world.“As a consequence, additional savings will become the necessary financing fund for new investments, which are key for economic recovery,” he told FMT.While there were complaints that GST could be regressive by being more bu…