KUALA LUMPUR – The Goods and Services Tax (GST) has proven to be the saviour of Malaysia’s economy even though there are claims it burdens the people, said Prime Minister Datuk Seri Najib Tun Razak.
He said GST revenue could cover the shortfall in government income as a result of the drop in world crude oil prices.
“This scenario (fall in oil prices) is beyond our control but thankfully we could cover the loss in government revenue because we were bold enough to introduce the GST.
“Although people say the government should not have implemented GST or make life difficult for the people, the fact is the GST is the saviour of our economy,” he said when opening the Nu Sentral shopping mall and Menara 1 Sentrum owned by Pelaburan Hartanah Berhad (PHB) at KL Sentral here today.
He said if the Malaysian economy slumped, the impact including higher borrowing costs would be burdensome on the people. – BERNAMA