Malaysia’s new 6% GST kicks in today. Boon or bane for Singaporean shoppers? You decide.
—
No, it’s
not an April Fool’s prank.
After years of pussyfooting, Malaysia has finally done it.
Today, the country rolled out its new Goods and Services Tax (GST), set at 6%, which will replace the existing 6% tax on services and 10% tax on sales.
If you’ve been taking advantage of the
falling ringgit and hopping across the causeway for weekend shopping sprees, go ahead and continue doing so. Just be prepared to see some nominal fluctuations in your shopping bill.
That being said, it’s not necessarily a bad deal. Depending on what you buy, the prices could either remain the same (okay…), increase (boo), or even decrease (yay!) for goods currently subjected to the higher 10% sales tax.
[Infographic Credit:
The Straits Times]
In a nutshell, Malaysia’s GST is:
...
