Action to be taken against errant traders over SST

KUALA LUMPUR: Action will be taken against errant traders found raising prices of goods upon reintroduction of the Sales and Services Tax (SST) in September.

“We will leave it to the Ministry of Domestic Trade, Co-operatives and Consumerism to take appropriate enforcement and action against this uncalled for and anti-national conduct,” Finance Minister Lim Guan Eng told reporters after attending the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) luncheon here yesterday.

The luncheon was held in conjunction with ACCCIM's annual general meeting.

On Thursday, Lim said the SST would cover only 38 per cent of the Consumer Price Index (CPI) basket of goods compared with 60 per cent under the Goods and Services Tax.

He added that implementation of the improved SST would “return” to the people RM23 billion in taxes collected, which would ease their financial burden, especially those affected by high living costs.

On another note, Lim said corporate taxes could not be lowered in the immediate future, while the national debt remained high.

“In my personal position, we should be reducing taxes so that we can make Malaysia more attractive. Look at other countries, they are also going towards the trend. This is not possible in the immediate future because of the 1MDB scandal. We have to heal our nation's finances first,” he added.