myeconomybusiness

130 readers

2 users here now

News section for business, economy and money of Malaysia

founded 1 year ago

MODERATORS

[email protected]

‘Can’t even buy underwear’: Malaysians fume over cheap goods tax, cost burden (www.scmp.com)

submitted 8 months ago by [email protected] to c/[email protected]

8 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 1 points 8 months ago (3 children)

TCM = traditional Chinese medicine?

[–] [email protected] 1 points 8 months ago (2 children)

Yup, but just now I found this rather recent article, saying the hike should not have a big effect to shops selling TCM, or even their consultation services, since most of them don't have the revenue (500k per year) to require SST collection.

Their medicines are expensive not because of tax (in fact TCM is zero-rated), but due to our weak currency and lack of practitioners.

[–] [email protected] 1 points 8 months ago (1 children)

Ah I see. I wonder if it's a lingering effect of GST. I recall many medicine shops had to close down as the GST made things too convulated for the elderly shopkeepers.

[–] [email protected] 2 points 8 months ago* (last edited 8 months ago)

It's easier to track the "underground economy" with GST or e-invoicing. Some shady businesses might have closed because Customs and IRB are involved in the GST system. Since we can't touch GST now, this govt plan to introduce e-invoice in stages, which should have a similar effect.