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GST - A laudable step taken by Najib

AFTER years of debate on its feasibility, Malaysia has finally opted for a broad-based goods and services tax (GST) at a relatively high level of 6 per cent. Given that the country has one of Asia's highest debt-to-GDP (gross domestic product) ratios at 54.8 per cent in 2013 - just below its own legal limit of 55 per cent - Prime Minister Najib Razak may not have had much choice. Rating agency Fitch had warned of a possible sovereign-debt downgrade in July.

The new tax system will come into force...

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