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Malay Mail
10-06-2025
- Business
- Malay Mail
Tax experts say expanded SST key step towards strengthening Malaysia's finances
KUALA LUMPUR, June 10 — The revision of Sales Tax rates and the expansion of the Service Tax scope form part of targeted fiscal measures to keep the nation's finances on a sustainable path, tax experts said. PwC Malaysia tax leader, Steve Chia, said the review of the Sales and Service Tax (SST) was expected, having been announced in Budget 2025 last October. He urged the public to view the changes in a broader fiscal context. 'Whilst it is aimed at supporting the medium-term fiscal goals, a search for a longer-term solution remains necessary to ensure a sustainable revenue contribution for the country. 'Although the current expansion is relatively broader, the government is committed to containing the scope to selected and non-essential goods and business-to-business (B2B) services to ensure that the rakyat will not be burdened,' he told Bernama. Finance Ministry II Minister, Datuk Seri Amir Hamzah Azizan, earlier announced that the government would implement the revised Sales Tax rates and expanded Service Tax scope from July 1, 2025, to strengthen the country's fiscal position and improve support for public welfare. Chia noted that a key challenge would be ensuring cascading costs are either eliminated or not passed along the value chain. 'Since the Budget 2025 announcement until now, the government has made efforts to engage with relevant stakeholders, including industry associations and tax professionals, to ensure that the revisions are well-informed and the industry impact and issues are taken into consideration. 'Therefore, the change is aimed at strengthening Malaysia's fiscal position by increasing revenue and broadening the tax base. 'We can see that the government is careful in identifying areas for rate increases and scope expansion to protect and cushion the impact on the rakyat at large,' he added. Meanwhile, KPMG Malaysia head of tax, Soh Lian Seng, noted that the current SST framework is often viewed as less comprehensive than the previous Goods and Services Tax (GST) system and is sometimes criticised for being regressive. 'This revision appears to be an effort to make the tax structure more progressive, broadening the base while ensuring that the burden does not disproportionately fall on the rakyat. 'Expanding the scope of taxable services and revising rates can help improve revenue collection, which is essential for Malaysia's medium-term fiscal consolidation,' he said. Soh emphasised that the government is likely aiming to enhance fairness and efficiency in tax collection by refining the scope and structure of the SST following the review announcement. In the meantime, Soh noted that there may be a short-term spike in consumer spending as people rush to make purchases before the new rates take effect, similar to what was observed in 2015 ahead of GST implementation. 'However, this is likely to normalise within the next few months. In regard to concerns about inflation, the impact should be modest. 'While there are exemptions and reliefs in place to cushion the impact, the net effect should still contribute positively to government coffers, supporting broader fiscal sustainability,' he added. — Bernama
Free Malaysia Today
09-06-2025
- Business
- Free Malaysia Today
View revised SST in broader fiscal context, tax expert tells M'sians
Basic necessities will continue to be exempted from sales tax, but a 5-10% rate will be imposed on non-essential items. KUALA LUMPUR : The revision of sales tax rates and the expansion of the service tax scope form part of targeted fiscal measures to keep the nation's finances on a sustainable path, say tax experts. PwC Malaysia tax leader Steve Chia said the review of the sales and service tax (SST) was expected, having been announced in the 2025 budget last October, and urged the public to view it in a broader fiscal context. 'While it is aimed at supporting the medium-term fiscal goals, a search for a longer-term solution remains necessary to ensure sustainable revenue contributions for the country. 'Although the current expansion is relatively broader, the government is committed to containing the scope to selected and non-essential goods and business-to-business (B2B) services to ensure the rakyat will not be burdened,' he told Bernama. Finance minister II Amir Hamzah Azizan had announced that the government would implement the revised SST from July 1 to strengthen the country's fiscal position and improve support for public welfare. Chia said a key challenge would be ensuring cascading costs are either eliminated or not passed along the value chain. 'Since the budget was announced, the government has made efforts to engage the relevant stakeholders, including industry associations and tax professionals, to ensure the revisions are well-informed and the impact on industries are taken into consideration. 'Therefore, the change is aimed at strengthening Malaysia's fiscal position by increasing revenue and broadening the tax base. 'We can see that the government is careful in identifying areas for rate increases and scope expansion to protect and cushion the impact on the rakyat at large.' KPMG Malaysia's head of tax Soh Lian Seng however said the current SST framework is often viewed as less comprehensive than the previous goods and services tax (GST) scheme. 'This revision appears to be an effort to make the tax structure more progressive, broadening the base while ensuring the burden does not disproportionately fall on the rakyat. 'Expanding the scope of taxable services and revising rates can help improve revenue collection, which is essential for Malaysia's medium-term fiscal consolidation,' he said. Soh said the government is likely aiming to enhance fairness and efficiency in tax collection by refining the scope and structure of the SST. Soh said there may be a short-term spike in consumer spending as people rush to make purchases before the new rates take effect, similar to what was observed in 2015 ahead of the GST's implementation. 'However, this is likely to normalise within the next few months. In regard to concerns about inflation, the impact should be modest. 'While there are exemptions and reliefs in place to cushion the impact, the net effect should still contribute positively to government coffers, supporting broader fiscal sustainability,' he added.
The Star
02-05-2025
- Politics
- The Star
Singapore GE2025: Polls a chance to elect more opposition to speak up for Singaporeans, says SPP
Singapore People's Party candidates contesting Bishan-Toa Payoh GRC speaking to people at Bishan Bus Interchange on May 1. - ST SINGAPORE: Voters can help opposition parties grow stronger at the coming polls and give them a chance to speak up for Singaporeans, said Singapore People's Party (SPP) secretary-general Steve Chia. Speaking to reporters near Bishan Bus Interchange on May 1, Chia said Singaporeans are now more receptive to opposition politicians. If the opposition can win one or two more group representation constituencies, Singapore is on the road to full democracy, he added. The 54-year-old said: 'We are doing whatever we can to push for change, to push for a better standard of living, a better discussion of ideas for Singaporeans and for everybody. So, this is a moment of change.' His Bishan-Toa Payoh GRC team includes SPP chairman Melvyn Chiu, 45, and new faces Muhammad Norhakim, 31, and Lim Rui Xian, 37. They are facing off against a PAP team comprising Transport Minister Chee Hong Tat, 51; Saktiandi Supaat, 51; Elysa Chen, 41; and Cai Yinzhou, 35. Chia, who contested his first general election in 1997, said there was a 'great fear' at the time and people did not dare to speak to opposition politicians. This has changed. Now, people come up to them and thank them for giving them a credible alternative to the ruling party, said Chia, who was a Non-Constituency MP between 2001 and 2006. When asked about his team's chances at the end of the nine-day campaign, he said he is unsure how people will vote, but added that SPP can only do its best and reach out to Singaporeans with its message. He said: 'We don't go around scolding the opponent. We have had a very fair campaign. We fight on ideas and policies. Whether we can cross the 50 per cent plus one vote, we don't know. 'We reach out to many people, but there are still many people we are not able to reach because it's only nine days. There's only so much we can do. 'We just hope that when they listen to the interviews... they will give the consideration that we are doing the best we can to bring up the standard of politics... and democracy in Singapore.' At a PAP rally on May 1, Chee said he will push to get a hawker centre up and running in Bishan. When asked, Chia responded that his party, too, would like to build a hawker centre in Bishan if it had access to funds like the ruling party. He said: 'When we, the opposition, propose ideas, we get queried, 'Where are you going to get the money? Where to get the funding?'' - The Straits Times/ANN
Straits Times
01-05-2025
- Politics
- Straits Times
GE2025: Polls a chance to elect more opposition to speak up for Singaporeans, says SPP
GE2025: Polls a chance to elect more opposition to speak up for Singaporeans, says SPP Follow our live coverage here. SINGAPORE - Voters can help opposition parties grow stronger at the coming polls and give them a chance to speak up for Singaporeans, said Singapore People's Party (SPP) secretary-general Steve Chia. Speaking to reporters near Bishan Bus Interchange on May 1, Mr Chia said Singaporeans are now more receptive to opposition politicians. If the opposition can win one or two more GRCs, Singapore is on the road to full democracy, he added. Mr Chia, 54, said: 'We are doing whatever we can to push for change, to push for a better standard of living, a better discussion of ideas for Singaporeans and for everybody. So, this is a moment of change.' His team includes SPP chairman Melvyn Chiu, 45, and new faces Muhammad Norhakim, 31, and Lim Rui Xian, 37. SPP is facing off in Bishan-Toa Payoh GRC against a PAP team comprising Transport Minister Chee Hong Tat, Mr Saktiandi Supaat, Ms Elysa Chen and Mr Cai Yinzhou. Mr Chia, who contested his first general election in 1997, said there was a 'great fear' at the time, and people did not dare speak to opposition politicians. This has changed, he added. Now, people come up to them and thank them for giving them a credible alternative to the ruling party, said Mr Chia, who was a Non-Constituency MP between 2001 and 2006. When asked about his team's chances at the end of the nine-day campaign, he said he is unsure how people will vote, but added that SPP can only do its best, and reach out to Singaporeans with its message. He said: 'We don't go around scolding the opponent. We have had a very fair campaign. We fight on ideas and policies. Whether we can cross the 50 per cent plus one vote, we don't know. 'We reach out to many people, but there are still many people we are not able to reach because it's only nine days. There's only so much we can do. 'We just hope that when they listen to the interviews... they will give the consideration that we are doing the best we can to bring up the standard of politics... and democracy in Singapore.' At a PAP rally on May 1, Mr Chee said he will push to get a hawker centre up and running in Bishan. When asked, Mr Chia responded that his party, too, would like to build a hawker centre in Bishan if it had access to funds like the ruling party. He said: 'When we, the opposition, propose ideas, we get queried: 'Where are you going to get the money? Where to get the funding?'' Join ST's WhatsApp Channel and get the latest news and must-reads.
CNA
25-04-2025
- Politics
- CNA
GE2025: "Our percentage is going to be a lot higher", says SPP's Steve Chia on Bishan-Toa Payoh GRC
"I think that this time round, our percentage is going to be a lot higher," said Singapore People's Party (SPP) secretary-general Steve Chia, who is contesting in Bishan-Toa Payoh GRC for #GE2025. He added that it will be a "50-50 per cent chance" and that they are "working hard to make sure we cross the 50 per cent, with every hand that we shake." Mr Chia was also asked about his thoughts on his opponents from the People's Action Party (PAP) led by Transport Minister Chee Hong Tat.
