DAIM TO ANNOUNCE NEW ‘CONTROL MECHANISM’ TO KEEP PRICES DOWN AFTER GST ZERO-RATING, SAYS ZETI

KUALA LUMPUR: The Council of Eminent Persons will announce a new mechanism to control prices of goods following the zero-rating of the Goods and Services Tax (GST) effective June 1.

Council member Tan Sri Zeti Akhtar Aziz said the announcement would be made by council chairman Tun Daim Zainuddin.

“The mechanism will ensure that the prices of goods will be in line with the prices of goods with zero-rated GST.

“An announcement on the mechanism will be made but I am unsure when,” Zeti said when met after attending the council’s meeting at Ilham Tower today.

On May 16, the Finance Ministry announced that the change on GST rate from 6 per cent to zero would take place nationwide and remain so until further notice.

Only items that are GST-exempted will not be zero-rated.

– NST

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