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World Bank rep: Abolishing GST will affect economy

| Published 24.5.18

(The Star) KUALA LUMPUR: Pakatan Harapan (PH) will need to explain how it will make up for the shortfall in the country’s source of income if it goes ahead in abolishing the Goods and Services Tax (GST).
World Bank Malaysia Country Manager Faris Hadad-Zervos said Malaysia’s economy would likely face long-term negative effects if the GST was abolished, as the move involved a huge loss of income to the country’s coffers.
Last year, Malaysia’s coffers saw RM45 billion being remitted from the GST collection.
In relation to this, Hadad-Zervos, through a video posted on a portal, posed questions to PH leaders in the event the GST is abolished.
World Bank Malaysia Country Manager Faris Hadad-Zervos
The questions included:
What other income sources will be required for the country after the GST is abolished?
Do you want to reduce the country’s source of income?
Do you want to rely on commodities when their price are uncertain in the world market?
He posted these questions at https://www.nx.digital/archives/world-bank-gst-abolition-to-bring-negati... -msia-economy- Hadad-Zervos asked whether abolishing the GST would also reduce the country’s source of income portfolio.
“What do you want to give to the people when the GST is abolished?
“What services, benefits or expenses will you dispose of?”
PH’s pledge in abolishing the GST and restoring the Sales and Service Tax (SST) is considered a populist measure, as there was never an explanation on how the revenue shortfall of about RM20 billion would be replaced following its abolition.

Hadad-Zervos said the implementation of the GST had helped the government provide cash assistance to target groups through the 1Malaysia People’s Aid (BR1M) while reducing the cost of living.
However, he said BR1M should be further improved according to the location and number of family members of recipients.
“As of now, families in Kelantan who receive BR1M get the same payment as families in Kuala Lumpur.
“Families with five children also receive the same amount as a family with one child. So, it needs to be more detailed and carefully crafted.”
Prime Minister Datuk Seri Najib Razak had stated that Malaysia would end up being a deficit country like Greece or Italy if the GST was replaced by the SST as pledged by PH in its manifesto for the 14th General Election.
To date, 164 countries had implemented the GST with the latest being India.

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Who Should Be Charged For 1MDB Scandal?


I agree with Aziz Sheikh Fadzir that the government should hurry and charge those interviewed by PAC for lying, like the BOD, the auditors, Arul Kanda and Shahrol. Charge them and let the truth come out in court regarding 1MDB.

Ahmad Faiz Faiza

But it seems the government do not want to charge some of them especially Datuk Shahrol, the CEO of 1MDB when all these problems arose. From day one 1MDB become an issue, the target of Mahathir and PH have always been Najib only, and to an extent Arul Kanda. 

But how can you absolve the CEO Shahrul? 

You need to charge him to get to Najib. Till today if you say his name, many rakyat will stare at you blankly, for they have never heard of him in this 1MDB scandal.

At the same time, the government must also charge those in the MOF, Auditor General Office and Bank Negara. For these three organisations gave a clear green light with caveat of course, to the 1MDB problems. If the government now says 1MDB is bankrupt, then the Auditor General's report stating 1MDB has assets worth more than its debt, is a lie. 

Same goes to the MOF officers and the ministers; that is Najib and former Finance Minister 2, Husni, who have been shilly-shallying in regards to the 1MDB issue.

Zeti Akhtar Aziz, who was the Bank Negara Governor at the time these issues arose, must also be held responsible. She herself stated that any investment above RM100 million abroad must get the permission of Bank Negara.

That means that the investment in PetroSaudi, worth more than USD1 billion, must have got Bank Negara's approval. If not, the transaction would not have been approved. It is similar to money coming into the country, especially the RM2.6 billion to Najib. Without Bank Negara's approval, the money cannot enter the country.

This is something that not many rakyat has experienced. But those who deal with such large transactions would know this. Even if you deposit RM100k into your bank, the bank will phone you up to inquire about the source of such money. More so if it involves millions and billions of ringgit. They need to report it to Bank Negara.

The current Bank Negara Governor is also not off the hook. Besides just imposing a fine to 1MDB, Bank Negara under him recently stated that the country's debt is under control and our GDP is more than enough to cover the debt at a 1.1 ratio.

They made another statement stating that our country's reserve is the highest in history, as also announced by Zeti.

But less than a week after such an announcement, Mahathir and LGE stated otherwise. Mahathir even said the financial data etc are incorrect.

And they painted a picture that our country is near bankrupt. Now they say we are not bankrupt, but the debt level is above the statutory limit as opposed to the GDP. In short, is Mahathir and MOF under LGE lying, or is Bank Negara lying about our current economic situation?

Let's face facts. If you want to get to the bottom of the 1MDB scandal, then you need to charge all the people above.

For each had power that without it, 1MDB's dubious transactions could not be made possible. For even if the government only wants to charge Najib, as far as foreign investors goes, they see it as a breakdown in financial order.

And our much esteemed and respected worldwide Bank Negara, its former governor Zeti, and Auditor Generals Office would be tainted as well if they are not also held accountable like the Attorney General Chambers.

Let them have their day in court and clear their name if they are innocent, which I believe they are.

And that is why the market is reacting like it is now, although with other external factors involved. But to lose such big investments in just a few days, should ring alarm bells.

I chose to support Zeti's statement, Bank Negara's and Auditor General's report about our current economy and fiscal situation as opposed to the MOF and PM's office statements. As to 1MDB, I'd say charge these people involved quickly and not just Najib and Arul, but also Dato Shahrol and the lot. 

That is what I have said many times since this issue cropped up, and it is the same thing that Tan Seng Giaw, PAS, Tan Sri Khalid Ibrahim, RPK, Auditor General, PAC report etc have said too.

And it is the same thing Aziz Sheikh Fadzir now has pointed out again. Why are they still protecting this Shahrol especially, is beyond me.

The ball is now with the government.

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Putrajaya mencuci dosa Lim Guan Eng


Guan Eng mengemukakan representasi kpd pejabat AG untuk menggugurkan kes rasuah nya yang melibatkan terowong dasar laut dan pembelian rumah di jalan Pinhorn.

Baca di sini :
Bekas Ketua Menteri Pulau Pinang Lim Guan Eng dan ahli perniagaan Phang Li Koon akan mengemukakan representasi kepada Jabatan Peguam Negara untuk menggugurkan pertuduhan kes rasuah melibatkan pembelian banglo di bawah nilai pasaran yang dihadapi mereka. Perkara itu dimaklumkan oleh peguam Ramkarpal Singh yang mewakili Lim semasa kes itu disebut di hadapan Hakim Mahkamah Tinggi Datuk Hadhariah Syed Ismail. Baca lagi
Juga di sini : 

The corruption case of former Penang Chief Minister Lim Guan Eng (pic) has been postponed to July 30, while his lawyers are asking for the charges to be dropped. Baca lagi
Apakah 5 Prinsip Rukun Negara Masih Lagi Relevan Kepada Kerajaan Pakatan Harapan?

Adakah ini bermakna kerajaan Pakatan Harapan dah menghalalkan rasuah dalam pentadbiran negara?

Sekiranya itu benar, akan adakah lagi keadilan di bumi Malaysia ini?


Sekiranya kes yang telah di buat pertuduhan di mahkamah, sudah di tetapkan perbicaraan di mahkamah boleh di gugurkan sewenang2nya, apakah jaminan kerajaan sekarang akan mengamalkan pentadbiran yang benar2 bersih dari rasuah dan salah guna kuasa?

Rakyat menunggu2 perbicaraan kes rasuah ini bukan kerana OKT nya ialah Lim Guan Eng, bukan kerana DAP tetapi kerana ingin tahu kebenaran dakwaan itu, ingin melihat keadilan ditegakkan dan ingin melihat undang2 negara di daulatkan sebagaimana yang termaktub di dalam prinsip Rukun Negara yang ke empat tanpa mengira darjat...

Definasi 'Rule Of Law' Pada Mahathir


Di mana ungkapan "NOBODY IS ABOVE THE LAW" jika undang2 dicabuli dan dirogol?

Melihat pada permohonan representasi peguam Guan Eng dan Phang kepada Peguam Negara baru yang akan di lantik, kita dah boleh menjangkakan apakah kesudahan skrip ini nanti...


Jika pejabat AG menggugurkan kes rasuah ini semata-mata untuk melayakkan Guan Eng memegang jawatan Menteri Kewangan maka di manakah letaknya Kedaulatan Undang2?

Apakah Malaysia hari ini undang2 hanya dikuasai oleh Regim Mahathir yang Undang2 negara boleh digunakan sesuka hati?

Apakah Mahathir boleh dikategorikan sudah menyalahgunakan kuasa untuk kelompoknya???

Jika Kes Guan Eng Di Gugurkan, Tak Ada Sebab Kenapa Kes Najib Tidak Boleh Di Gugurkan


Jangan "double standard" dalam menjalankan hukum dan jika Najib diperangkap untuk mensabitkannya, maka Najib juga layak untuk mengemukakan representasi untuk menggugurkan kes yang dihadapinya.

Mengapa Transparency International diam dalam perkara ini?

#RakyatMenungguJawapan
#RakyatSedangMemerhati

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