GST has been implemented in Malaysia since April 1, 2015. Prior to this, more than 160 countries throughout the world have implemented it successfully. Some of them have embraced the system since 1970's It provides big revenues to the countries for their development expenditures.
Whether we like it or not, Malaysian GST is now right in front of us. We have no alternative but to counter them positively. In my opinion, we have two simple alternatives to face them. First, to increase and upgrade our work/business performance in order to improve our earning capacities. Secondly, to scale down our daily expenses.
For example, for the past years you have been performing at 70% level to face the old Tax System. Now, you need to up them to at least 80% level in order to counter the 6% GST. By increasing 10% work/business performance you still have 4% profits after deducting the 6% GST. This is my simple calculation. The more you earn the better.
But, if you are pensioners or in the category of low income earners, you need to scale down your daily expenses. You have to apply your consumers buying power. Buy or spend only on the necessities. Spend prudently and wisely. Reduce your visits to Mamak Restaurants and enjoy more home cooks which are more delicious and healthy. Cut down your unnecessary trips to save petrol. Buy cheap and simple Made In Malaysia products instead of Branded Goods. Reduce your foreign holidays,spend more family holidays in Malaysia and many more.
The monetary powers are in our hands. We have the power and the capabilities to decide for our own good.
Whether we like it or not, Malaysian GST is now right in front of us. We have no alternative but to counter them positively. In my opinion, we have two simple alternatives to face them. First, to increase and upgrade our work/business performance in order to improve our earning capacities. Secondly, to scale down our daily expenses.
For example, for the past years you have been performing at 70% level to face the old Tax System. Now, you need to up them to at least 80% level in order to counter the 6% GST. By increasing 10% work/business performance you still have 4% profits after deducting the 6% GST. This is my simple calculation. The more you earn the better.
But, if you are pensioners or in the category of low income earners, you need to scale down your daily expenses. You have to apply your consumers buying power. Buy or spend only on the necessities. Spend prudently and wisely. Reduce your visits to Mamak Restaurants and enjoy more home cooks which are more delicious and healthy. Cut down your unnecessary trips to save petrol. Buy cheap and simple Made In Malaysia products instead of Branded Goods. Reduce your foreign holidays,spend more family holidays in Malaysia and many more.
The monetary powers are in our hands. We have the power and the capabilities to decide for our own good.
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