The Yang di-Pertuan Agong Sultan Muhammad V has given his consent to implement the sales and services tax (SST), paving the way for the tax to come into effect on Sept 1.
The Agong's approval on Friday last week came after the Dewan Rakyat and the Dewan Negara passed the two SST bills on Aug 9 and Aug 20, respectively.
This meant SST would be enforced from Saturday, replacing the abolished GST, Finance Minister Lim Guan Eng said in a statement today.
Lim expressed his appreciation to the Agong for consenting to the SST implementation, in line with Pakatan Harapan's commitment to fulfilling its manifesto promises.
“With the implementation of the SST that will be gazetted before Aug 30, the government hopes it can alleviate the people's burden, as the government will only collect RM44 billion in SST this year compared with RM21 billion in GST,” he said.
Lim urged businesses to adhere to the regulations and register for the SST, saying it would prevent anyone from taking advantage of the situation and curb increases in prices that would put pressure on the people.
The Domestic Trade and Consumer Affairs Ministry will monitor and take action on any profiteering activity, he added.