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Prices Of Goods Rise Due To Many Factors, Not Just GST

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KUALA LUMPUR – The increase in the prices of goods and services in the country is influenced by various factors and is not due to the implementation of the Goods and Services Tax (GST), said Deputy Finance Minister Datuk Othman Aziz.

He said the inputs for the determination of the prices of goods did not only take into consideration the question of taxation but was influenced by foreign currency exchange, cost of transportation and other marketing aspects.

“We cannot say that GST is the cause of the rising prices. The prices of items not subject to GST have also gone up… many other factors influence the prices of goods. The government is constantly monitoring the situation so that it does not get too burdensome,” he said during Question Time in the Dewan Rakyat today.

He was replying to a supplementary question from Loke Siew Foke (DAP-Seremban) who had asked whether GST was the cause of the rise in the prices of goods that had burderned consumers in the country.

Othman said the issue of rising prices of goods and services always remained the concern of the government and various initiatives such as the 1Malaysia People’s Aid (BR1M) and smallholders’ aid scheme were undertaken by the government to help the people.

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