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KPMG: SST will lower down goods price

KPMG: SST will lower down goods price

Sin Chew Daily

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KPMG: SST will lower down goods price

Dato’ Tan Sim Kiat, adviser of indirect tax at KPMG Tax Services Sdn Bhd, said that the Finance Ministry and its related agencies are reviewing the mechanisms of the sales and services tax (SST) and it is unlikely for the price for goods to increase drastically due to the implementation of SST in September. “The Finance Minister will find the right way to balance between revenue generation for the national coffers and to reduce the impact on consumers,” he added.

Tan said the SST is a simpler and easier taxation concept with a single-stage tax applicable to the manufacturers that will put a lighter burden on consumers. KPMG’s executive director for indirect tax Ng Sue Lynn also pointed out that Price Control and Anti-Profiteering (Mechanism to Determine Unreasonably High Profit) — Regulations 2018 (PCAP Regulations 2018) will come into place to ensure that there will not be price increases when SST is implemented.

 

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