Budiman
Most of us earn a living, live and die here. So, the effects on us due to a depreciating RM, or put it another way, the appreciation of foreign currencies, is imported inflation.
Prudence is indeed a good virtue especially in the current difficult times. Of course, earn more if you can but if you can't than I guess you just have to spend less and in order of priorities.
As for me I always live a little bit below my means. Save for the rainy days, you know.
" In the land of the blind the one-eyed-jack is king."
Banned
Yes, prudence is always a good virtue and I believe this is the reason most people are who they are today apart from hard work and opportunities. Always find a balance between two opposites., no need to plan everything just for the last few years of life and sacrifice the present life...
Health is the ultimate treasure, wealth is relative and is always “not enough”. In Chinese saying, there is always one hill higher than another hill. I presume those who browse or post here are average or above average folks, have free time and less bother by living costs. If living expenses is a big concern, then utilize the precious time to earn more instead of moaning here.
If you have a house/houses here or in Penang, JB or even Melaka, these assets can be very helpful for your children when you no longer around. Irrespective of whether your children will reside here or overseas, these assets will worth a lot in future as properties in cities are scare. Urbanization has not reached its peak yet in this country. It is predicted that 90% of the population in this country will live in urban cities in 20-30 years time from now. I witnessed similar trend in UK and Japan, the children of my ex-colleague in London and Tokyo practically can cut short their working life by 10-20 years. So, get you Will drafted to ensure whatever you own will serve the future purposes you wish.
There is no need to be overly pessimistic about the future here..
Banned
Gst which has transformed this country to a nation of whiners will be scrapped in 3 days from now...
I doubt the abolishment of GST will lead to a reduction in the prices of goods and services because most essential goods are already GST zero rated. GST is a better tax system to ensure more comprehensive collection of taxes (85% of work force in this country don't pay a single cent in income tax !!). GST is implemented in almost all developed countries with higher tax rate. Even 3rd world countries like India finally implemented GST in 2017 to move forward in taxation reform.
A responsible government should manage its financial resources efficiently and prudently without dishing out all sorts of populist measure like abolishing a good tax collection system and reintroduction of full-fledge subsidies. The abolishment of GST will incurr annual losses in tax revenue of RM41 billion. With the implementation of fuel subsidy in future, it would be incremental expenses of RM10 billion per year. Hence, the damage of these 2 populist measures is RM50billion yearly.
Just for comparison, the unrecoverable lossess (from 2009 until 2018 today) caused by those crooks in the 1mdb thingy is less than RM5billion as published in a special investigative report of The Edge Weekly.
Budiman
Without GST there will be a 41b financial hole to fill. The introduction of 10% SST will not be enough simply because those paying will be much smaller in numbers.
GST is indeed a more efficient taxation system for the Government but much understood due to a factor like ignorance. With this ignorance of how the system works traders unjustly increase prices.
Prices will go down during this window of 0% GST (as opposed to abolishment of the system). But it will be back to square one when SST kicks in as the replacement.
Prices will go down if the RM strengthens to 3.10 to 3.30 to the USD, with GST or SST.
" In the land of the blind the one-eyed-jack is king."
Budiman
Without the promise of abolishing GST, Jibby and Rossie will still be in Sri Perdana happily buying more Birkin bags and collecting $$$$$$
Banned
I don't feel too strongly about a particular crook or crooks because I believe they are everywhere at anytime. The old fella is probably the father of all these "current crooks" when he planted the seeds and provided the fertilizer for these crook culture to flourish...
Having said that, I welcome the current changes and hope this long-awaited changes can transform to structural reform and good governance. Dishing out populist measures like removing GST and implementing full fuel subsidies are not the right things to move forward.... only serve as good tools for politicians to strengthen political support from the majority.
Banned
Sent my car for service on this last day of GST, and paid RM214 for the tax ...
p/s : When I went to collect the car in the evening, saw a few vehicle owners were waiting to collect their car. It seems like there are people who are not bothered of 0% GST tomorrow...
Budiman
Our GST's lifespan is only three years
IMO, GST is a far superior method of taxation. It is transparent (forcing people to do an honest business) and maximizes Government revenue through its efficiency.
Najib made a good argument why abolishing GST is a big mistake. I guess the new Government know it too but cannot backtrack on their promise on abolishing this tax.
" In the land of the blind the one-eyed-jack is king."
Budiman
i fully support the implementation of GST aka VAT... GST do not necess increase the cost of goods. its the bad and selfish (almost zero sum game) habit of profiteering that cause the hike in prices from char keuh teaw to fresh fish to other stuff...that plus the inflationary knock on effects.
in luv with bikes...in lust with AphroditeS AWAS! Suspek is an Avid procurer to myths, lies, legends, folklores, i-ching, rumors, misinformation, cakap-ayam, spɹoʍ uʍop ǝpısdn puɐ˙˙DLL .
p/s Take all the above with a XL salted duck egg, wash down with 2fingers of sodium hypochoride, and suck on to a pebble size tmn negara Rock salt
Budiman
Besides profiteering there are other factors. For instance, slide of the RM, and many small businesses are not GST compliant and cannot claim Input Tax and have to absorb the 6% as added cost.Originally Posted by tupai
If I remember correctly the RM:USD rate at the launch of the GST was 3.30.
" In the land of the blind the one-eyed-jack is king."
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