Malaysia's economy very stable and assisted by GST

PETALING JAYA, 28th January, 2016 (WAM) — The Malaysian Prime Minister, Datuk Seri Najib Tun Razak, has said that the economy is very stable, and among the contributing factors is the implementation of the Goods and Services Tax, or GST, in April last year.

Najib, who is also the Finance Minister, said the Customs Department had collected more than RM51 billion in revenue since the implementation of GST, compared with a collection of RM37.2 billion in 2014 without the tax.

According to the Malaysian National News Agency, Bernama, he described the additional collection as ‘extraordinary and higher than the original projection which enabled the government to face the economic uncertainty in the world economy currently’.

Speaking at the 34th World Customs Day celebrations on Thursday, Najib said the government was still able to provide various other facilities, including scholarships, and other assistance despite the current drop in the price of world crude oil.

“GST does not burden the people; on the contrary, the GST is the saviour of the people. With the drop of crude oil to around US$30 per barrel, Malaysia is still able to retain all the civil servants, we did not terminate the services of anyone, including those appointed on contract,” he said.

WAM/tfaham/Moran

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