The sales and service tax (SST) exemption period for new cars that was first announced in June 2020 has resulted in the loss of tax revenue amounting to RM 4.8 billion to date, reports Bernama.
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the SST exemption scheme had been extended three times since the first announcement, and the ministry is currently considering its impact and the next course of action.
"The revenue forgone of RM4.8 billion is a huge amount which could be used to channel to help the people in their essentials.
"We need to thoroughly study the matter. If we decide to extend for another three months, we would lose at least RM1.2 billion and if we were to extend for another six months, we would lose about RM2.5 billion,' he told reporters at the Labuan International Business and Financial Centre (Labuan IBFC).
He added that the government is in need of more revenue to provide more subsidies for therakyat in battling inflation.
The SST exemption scheme will expire on 30-June 2022 if the government decides against another extension. With just less than two weeks to go, we’re expecting an answer quite soon.
The quest for automotive knowledge began as soon as the earliest memories. Various sources information, even questionable ones, have been explored including video games, television, magazines, or even internet forums. Still stuck in that rabbit hole.
