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Friday, November 1, 2013

GST good way to get revenue

Publication: NSUNT
Date of publication: Oct 27, 2013
Section heading: Main Section
Page number: 007
Byline / Author: By Ahmad Syazwan Shah

PRIME Minister Datuk Seri Najib Razak has tabled a budget to address the people's needs and reduce the budget deficit, with incentives to generate economic activities to increase revenue.

The government has allocated a substantial amount to upgrade facilities in Sabah and Sarawak, which shows the government is not focusing on the peninsula.

To increase Internet access in Sabah and Sarawak, new underwater cables will be laid within three years at a cost of RM850 million, from the Universal Services Provision Fund.

For Internet in rural areas in the peninsula, 1,000 telecommunication transmission towers will be built over the next three years, at a cost of RM1.5 billion.

Prices of houses have skyrocketed, especially in Penang and Kuala Lumpur. How can a graduate, fresh out of university, ever hope to own a house?

With the increase in Real Property Gains Tax to 30 per cent, for units disposed within three years, prices will not increase drastically.

The country needs the Goods and Services Tax (GST) to generate revenue. Businesses have been advised not to take advantage of the GST to increase prices of goods to make extra profits.

Ahmad Syazwan Shah, former president, Northern Varsity Accounting Club (Novac), Universiti Utara Malaysia

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