"SINGAPORE, March 31 (Bernama) -- The implementation of the Goods and Services Tax (GST) to be enforced by the government on April 1, is the right thing for the economy, said Maybank Group President and Chief Executive Officer, Datuk Abdul Farid Alias.
""We are the second last country in Southeast Asia that is implementing GST. The rest of the countries (in the region) have already implemented it,"" he told Bernama after a press conference held in conjunction with the two-day Invest ASEAN conference here beginning today.
Abdul Farid said the GST is a progressive tax system.
""For us as a nation, no matter where we stand on political divide we should support it. There will be some hiccups to the respective system, and to the numbers that we will see in the economy but it will be temporary...It is the right thing for the economy.
""So I think it will stabilise in due time, so I don't think we should worry about it.""
The GST, which will be introduced tomorrow, has been set at six per cent and is the lowest in the region.
It will replace the Sales and Service Tax (SST).