Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz has assured that there will be no changes in the prices of products in the industry sector when the sales and service tax (SST) is raised next year, but added that the ministry will continue to monitor the impact of the implementation on the sector.
"For any form of fiscal policy involving tax, there will always be something that the companies would have to incorporate as part of their business plan going forward.
"Whatever impact there is, that is why the prime minister excluded F&B (food and beverages sector) and also included the logistics sector. For the other sectors, we will see and monitor what transpires and what is the result of this decision," Tengku Zafrul told reporters at the sidelines of the Roundtable Dialogue discussing the New Industrial Master Plan 2030 (NIMP 2030) hosted by the Malaysian Industrial Development Finance Bhd (MIDF).
Tengku Zafrul said the government has a fiscal responsibility to increase its revenue, and that it is important for the industry to understand why Putrajaya is taking such a decision.