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Borneo Post
15-06-2025
- Business
- Borneo Post
Wee: Don't rush SST expansion without public input
Wee stresses the need for a comprehensive assessment to determine whether people can sustain the expanded SST rates, which will take effect next month. — Bernama photo KUCHING (June 15): The government should engage in dialogue sessions with people from all sectors rather than implementing the reviewed and expanded Sales and Services Tax (SST) rates hastily, said Kuching South Mayor Dato Wee Hong Seng. He stressed the need for a comprehensive assessment to determine whether people can sustain the expanded SST rates, which will take effect next month. 'Our economy is still well on its road to recovery, with micro, small and medium enterprises (MSMEs) remain struggling. Now that SST rates are to be reviewed and expanded, consumers and people at large will be suffering,' he told his Facebook live session 'Shall WEE Talk' yesterday. Wee pointed out that when the government increases SST rates, the increasing costs are eventually borne by consumers, particularly affecting those in lower-income brackets who will have to spend more to maintain their livelihoods. He urged the government to strike a balance between broadening its tax-based system and ensuring that people do not struggle to make ends meet. He cautioned that any tax reviews that could lead to 'spiral effects to the economy' must be done 'prudently and with the people's well-being at heart'. 'Is it timely to implement reviewed and expanded SST rates at this stage? Are our people prepared to face another spate of rising costs of living? Wee questioned, adding: 'You can take a stroll in the local wet markets where petty traders unanimously state that their businesses are not doing well.' According to the Mayor, while businesses with strong cash flow might manage the new SST rates, many MSMEs especially less established ones, 'may face risk of closure', potentially leading to unemployment. Wee advised the government against solely focusing on revenue-generating, urging them to consider the financial difficulties people are currently facing. 'If more and more MSMEs close down, we will be seeing more jobless persons, and unemployment can be a nasty issue. 'No doubt that we are not economists but we have been on the ground, well aware of what traders and people are being put through,' he said. As such, the Mayor expressed hope that the government will reconsider its decision to implement the reviewed and expanded SST rates next month. expanded lead reviewed Sales and Services Tax wee hong seng
Time of India
21-04-2025
- Business
- Time of India
Gold creates history, hits Rs 1 lakh mark for the first time riding on dollar weakness
Gold created history on Monday in the evening trade hitting the Rs 1 lakh milestone in the physical market with the last recorded price of 24 karat (999) at Rs 97,200 per 10 grams. A 3% Goods and Services Tax (GST) takes the prices to Rs 1,00,116. The yellow metal prices continued their winning ways on Monday, as the MCX June gold contracts hit a fresh lifetime of Rs 97,288 gram. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo Around 6:45 pm today, MCX gold rate for 10 grams stood at Rs 97,200, a surge of Rs 1,946 or 2.04% over the last trading price on Thursday. Markets were closed on Friday on account of Good Friday. Gold prices have surged over 26% or by Rs 20,800 per 10 gram in 2025, so far.
