KUALA LUMPUR- Former finance minister Tun Daim Zainuddin has admitted that he used to propose the idea of introducing Goods and Services Tax (GST) when holding the position in 1984.
Daim said Malaysia needed GST as one of the major sources of national income.
“I really wanted to introduce the GST as our country’s revenue base was really small, 40 per cent solely from Petronas (then) was not enough. If anything happens to the country, where can we find money for its expenditures?” he asked.
“From the very beginning, I had also proposed on many exemptions for GST. I have called on this matter since 1984 and 1985, yet the government who was ruling at that period of time was not ready for it.
“When Datuk Seri Anwar Ibrahim Anwar became Finance Minister in the past, he wanted to introduce GST as well. As he is now with the opposition, of course he would not agree on this anymore.”
Daim said GST was a type of consumption tax and if rakyat was not willing to contribute to it, they should consider reducing their daily spending.- New Straits Times