GEORGE TOWN: Only restaurants and eateries earning annual sales of above RM1 million will be subjected to the sales and services tax (SST) mechanism on their customers, said Finance Minister Lim Guan Eng here.
Previously, the threshold was RM500,000 but in realising that many consumers prefer to go out and eat, the ministry has decided to allow more leeway for consumer spending in the country, said Lim.
This means that most restaurant operators may be exempted from imposing SST on their customers, and it is a big break for those eating at budget outlets such as food courts, coffee shops, bistros and “nasi kandar” outlets.
He was speaking at a special briefing for small-medium enterprises (SME) here on the SST.
Lim said it is a known fact that the government will earn less from the SST -a-single-stage consumer tax compared to the GST, which is a multi-layered driven consumer tax.
“The government will register a shortfall of RM23 billion.”
Previously, the GST added RM44 billion to the treasury but now with next month’s implementation of the SST, the collection is only expected to reach RM23 billion.
But Lim believed that it will stimulate the economy with more emphasis on domestic consumption to boost the macroeconomy.
And the indicators are bearing fruit, said Lim, who revealed that the indexes for consumer and business confidence have grown substantially since Pakatan Harapan took over the government, and announced its fiscal policies.
“The economic well-being of our country is our priority.”
Among notable goodies expected from the SST is a reduction in the annual (processing) fees of credit cards from RM50 to RM25.
And SST is a milder form of taxation compared to the GST.
For example, Lim cited that GST covers 60% of the Consumer Price Index (CPI) Basket of Goods whereas SST only involves 38% of the CPI.
He also said that up to RM70 billion has been freed up to allow consumers to spend more and this, in turn, will also have a positive spillover effect on small and medium enterprises (SMEs).
THE SUN DAILY
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