FMM welcomes govt's initiative to study GST reinstatement

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The Federation of Malaysian Manufacturers (FMM) has welcomed the government’s initiative to study the feasibility of reinstating the Goods and Services Tax (GST) and review the weaknesses of the existing Sales and Services Tax (SST).Its president, Soh Thian Lai said prices of Malaysian exports would be more competitive globally as no GST would be imposed on exported goods and services, while GST incurred on inputs could be recovered along the supply chain.“Given the weak domestic and external environments brought about by the Covid-19 pandemic, we believe that priority should be given to strengthen the economy and restore more favourable business conditions,” he said in a statement today.As such, he said the government should consult all stakeholders throughout the review process which been essential to the success of introducing an effective tax regime.Besides that, Soh added…