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  • GST Abolition and EPF for Housewives

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    teha_zai
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    The document discusses two effects of policies introduced by the new Malaysian government: 1) The abolition of the Goods and Services Tax (GST) and reintroduction of the Sales and Services Tax (SST) in order to reduce the cost of living. This will result in the government collecting RM23 billion less in taxes annually. 2) The introduction of an Employees Provident Fund (EPF) scheme for housewives to provide social security. Initially, housewives can contribute a minimum of RM5 monthly which the government will match with RM40, though laws may need amendment for further phases of the policy.

    Descrição original:

    EFFECT OF SHIFT FROM BN TO PAKATAN HARAPAN

    Título original

    2 EFFECTS

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    The document discusses two effects of policies introduced by the new Malaysian government: 1) The abolition of the Goods and Services Tax (GST) and reintroduction of the Sales and Services Tax (SST) in order to reduce the cost of living. This will result in the government collecting RM23 billion less in taxes annually. 2) The introduction of an Employees Provident Fund (EPF) scheme for housewives to provide social security. Initially, housewives can contribute a minimum of RM5 monthly which the government will match with RM40, though laws may need amendment for further phases of the policy.

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    © All Rights Reserved
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    Sinalizar o conteúdo como inadequado
    8 visualizações1 página

    GST Abolition and EPF for Housewives

    Enviado por

    teha_zai
    The document discusses two effects of policies introduced by the new Malaysian government: 1) The abolition of the Goods and Services Tax (GST) and reintroduction of the Sales and Services Tax (SST) in order to reduce the cost of living. This will result in the government collecting RM23 billion less in taxes annually. 2) The introduction of an Employees Provident Fund (EPF) scheme for housewives to provide social security. Initially, housewives can contribute a minimum of RM5 monthly which the government will match with RM40, though laws may need amendment for further phases of the policy.

    Direitos autorais:

    © All Rights Reserved
    Baixe no formato DOCX, PDF, TXT ou leia online no Scribd
    Sinalizar o conteúdo como inadequado
    de 1

    2 EFFECTS

    Abolish the Goods and Services Tax (GST) to Sales and Services Tax (SST)

    The new government, Pakatan Harapan had kept their promises on the manifesto to abolish
    GST. This steps are taken by the government because want to reduce cost of living. However,
    ‘Rakyat’ are not feels the impacts from the reintroduction of SST yet. Minister of Finance, Lim
    Guan Eng had stated in the parliament that previously GST collected RM44 billion yearly, but
    with the SST, the government will only collect RM21 billion. So, RM23 billion will be a ‘gift’
    to the people. The sales tax rate (0%, 10% and 5% as well as a specific rate for petroleum) and
    service tax of 6% is imposed on consumers who use certain prescribed services. The taxable
    threshold for SST is set at annual revenue of RM500,000, the same threshold as GST, with the
    exception for eateries and restaurants at RM1.5mil.

    Introduce EPF contribution for housewives.


    The Ministry of Finance fully supports the introduction of Employees Provident Fund (EPF)
    scheme for housewives, as proposed by the Ministry of Women and Family Development. The
    policy, led by Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail, is in line with
    Pakatan Harapan’s manifesto to initiate social security for women who depend on their
    husbands for income. Deputy Prime Minister, Datuk Seri Dr Wan Azizah Wan Ismail has
    introduced the first phase of the Suri Incentive to enable members to save a minimum of RM5
    monthly into their EPF account which the Government will match with a monthly contribution
    of RM40. It is a good first step taken by the Government but there is no statement on the
    amendment of the necessary laws for the next phases.

    References
    Ching, O. T. (2018, June 4). EPF for Housewives to Start This Year. News Straits Times.
    Retrieved April 22, 2019, from https://www.nst.com.my/news/nation/2018/06/376535/epf-
    housewives-start-year

    Guie, L. H. (2018, September 1). SST – for better or worse? The Star. Retrieved April 22, 2019,
    from https://www.thestar.com.my/business/business-news/2018/09/01/sst-for-better-or-
    worse/#35hf5I5oJ15mVEVt.99

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