PUTRAJAYA: The current sales and services tax (SST) exemption for the purchase of vehicles which was first announced on June 5, 2020 and is set to end on June 30, 2022 has resulted in the loss of RM4.8 billion in revenue to date.
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the SST exemption had been extended for three times since, and the ministry is currently studying the impact and weighing its next action.
"The revenue forgone of RM4.8 billion is a huge amount which could be used to channel to help the people in their essentials.
"We need to thoroughly study the matter. If we decide to extend for another three months, we would lose at least RM1.2 billion and if we were to extend for another six months, we would lose about RM2.5 billion," he told reporters at the sideline of the Labuan International Business and Financial Centre (Labuan IBFC) event to unveil its 2022 to 2026 strategic roadmap here today.
He also noted the government is also in need of more revenue in order to provide more subsidies for the rakyat in order to curb inflation.
Meanwhile, on the interest rate hike of 75 basis points by the Federal Reserve on Wednesday, he said it was largely expected and the hike had already being factored in by the markets as inflation in the United States (US) is quite high at above eight per cent.
"Any move by developed countries such as the US, Europe and China would definitely have a global impact, and Malaysia as an open economy is not excluded.
"The expectations now is that the US economy would still grow but is expected to be slower. However, we will continue to monitor the impact of this development on Malaysia's economy," he said.
He said Malaysia's interest rate is still low, hence the need to consider the necessary monetary and fiscal intervention to protect the people from the effect of high inflation.
Tengku Zafrul said although the global economic move would have an impact, Malaysia's economic fundamental is still strong to cushion the impact.
On the ringgit's movement due to the US interest rate hike, he noted the ringgit somehow strengthened yesterday.
"The ringgit's movement depends on inflows and outflows, but we are not too worried about it. The US rate hike does not exclusively affect the ringgit but also other currencies. But insyaallah, as you can see, the ringgit had strengthened," he added.
-- BERNAMA
Bernama
Thu Jun 16 2022
Tengku Zafrul said the current sales and services tax (SST) exemption for the purchase of vehicles which was first announced on June 5, 2020 and is set to end on June 30, 2022 has resulted in the loss of RM4.8 billion in revenue to date. - BERNAMA
10 Berita Pilihan - (18 Oktober 2024)
Antara pelbagai berita dalam dan luar negara yang disiarkan di Astro AWANI, berikut adalah yang paling menjadi tumpuan sepanjang hari ini.
Belanjawan 2025: Cuepacs seru penjawat awam tingkat komitmen perbaiki sistem penyampaian
Penjawat awam diharap memberi komitmen penuh dalam memastikan iltizam kerajaan untuk menambah baik sistem penyampaian perkhidmatan awam kepada rakyat, dapat dilaksanakan dengan berkesan.
Kadar gaji minimum RM1,700 beri manfaat bagi pekerja dan majikan
Peningkatan kadar gaji minimum adalah usaha kerajaan untuk memastikan kebajikan pekerja terutama mereka yang berpendapatan rendah lebih terjamin.
Messi tidak tolak kemungkinan beraksi di Piala Dunia 2026
Messi menekankan bahawa dia lebih fokus untuk mengekalkan prestasi terbaiknya berbanding risau tentang pencapaian masa depan.
Jumlah mangsa banjir di tiga negeri meningkat malam ini
Di Perak, jumlah mangsa yang berlindung di 12 PPS meningkat kepada 1,587 orang berbanding 1,459 orang petang tadi.
Consider This: Budget 2025 (Part 1) — Balancing Progress & Prudence?
Budget 2025 was tabled in Dewan Rakyat today, and now the crucial evaluation begins. Does #Belanjawan2025 successfully balance progress and prudence? On this episode of #ConsiderThis Melisa Idris speaks to Danial Rahman, CEO of Asian Strategy & Leadership Institute (ASLI), and Doris Liew, Economist & Assistant Research Manager at IDEAS Malaysia's Public Finance Unit.
Dialog Anak Muda: Belanjawan 2025: Macam mana ok?
Rasionalisasi subsidi RON95, kadar baharu gaji minima dan pemerkasaan TVET antara tumpuan dalam pembentangan Belanjawan 2025. Analisis isu-isu ekonomi diteruskan dalam Dialog Anak Muda 8.30 malam ini.
AWANI Tonight: Belanjawan 2025: What are the hits and misses
Bait al-Amanah's Benedict Weerasena shares his thoughts on the hits and misses of Budget 2025, which sees an allocation of RM421 bil, a 3.3% increase from the previous year.
AWANI Tonight: Key highlights from Belanjawan 2025
Key highlights from Belanjawan 2025, which includes increased allocations for Sumbangan Tunai Rahmah (STR), tax reliefs for first home buyers, and cash aid for singles, among other reforms.
PDRM pastikan insentif Belanjawan 2025 dimanfaatkan sepenuhnya - KPN
PDRM akan memastikan semua perkara yang diumumkan dalam Belanjawan 2025 untuk pasukan keselamatan itu, akan dimanfaatkan sepenuhnya.
ASEAN perlu wujudkan tawaran unik untuk jadi blok keempat ekonomi global
ASEAN kini berada di kedudukan kelima dan blok ini perlu memanfaatkan jumlah populasinya sekitar 680 juta orang.
Nilai dagangan Malaysia-India disasar meningkat tahun ini - Tengku Zafrul
Kedua-dua negara komited untuk memperluas serta memperkukuhkan hubungan dua hala secara menyeluruh.
Malaysia jangka pertumbuhan perdagangan dengan India meningkat
PM beri tempoh tiga bulan kepada MITI untuk kemuka rancangan yang jelas bagi kerjasama dengan India dalam sektor perdagangan dan pelaburan.
Usaha tangani kerenah birokrasi dorong peningkatan stesen pengecas EV - Tengku Zafrul
Proses kelulusan sebelum ini melibatkan banyak agensi dan kementerian, termasuk Suruhanjaya Tenaga, PBT serta bomba.
Misi perdagangan, pelaburan ke Vietnam catat potensi eksport RM3.3 bilion - MITI
Misi berfungsi sebagai pemangkin untuk mengembangkan perkongsian strategik perniagaan ke perniagaan melibatkan entiti Malaysia dan Vietnam.
Titah Adendum: Peguam Negara bawa perkara dibangkitkan Tengku Zafrul ke mahkamah
Jabatan Peguam Negara akan membawa perkara berhubung kenyataan yang dibuat oleh Menteri Pelaburan, Perdagangan dan Industri, Datuk Seri Tengku Zafrul Abdul Aziz kepada perhatian pihak Mahkamah.
Kerajaan mahu syarikat Malaysia manfaatkan FTA, teroka pasaran baharu
Katanya, Matrade telah diberikan tanggungjawab untuk menumpukan usaha memperoleh pasaran baharu untuk diterokai syarikat Malaysia.
Tengku Zafrul ke Munich bawa misi pelaburan dalam jeda lawatan PM ke Jerman
Katanya, pihak MATRADE telah anjurkan beberapa mesyuarat dengan rakan dagang besar yang beribu pejabat di Jerman.
Dialog MITI 2024: Kerjasama sektor awam-swasta, agenda perindustrian semula
Pelaksanaan NIMP adalah penting bagi Malaysia untuk terus meningkatkan daya saing landskap perniagaan dan pelaburan negara.
Malaysia perlu sedia ambil risiko terhitung, tempa masa depan ekonomi baharu - Tengku Zafrul
Malaysia perlu bersedia untuk mengambil risiko yang terhitung ketika menempa masa depan ekonomi baharu bagi negara ini, terutama dalam ekonomi digital dan ekonomi hijau.