Neo-liberal economics

At a recent talk on the GST, I asked those present what they thought “GST” stood for. Most of those present responded, “Goods and Services Tax”.

Then, I showed them a cartoon by Zunar which described GST as “Golfing, Shopping, Travelling”! They got the joke and laughed knowingly.

One of the factors contributing to the persistent fiscal deficit in Malaysia has been the deliberate and gradual reduction of income tax rates over the years.

From a fairly progressive tax system, Malaysia has moved towards a regressive tax system. The government has trimmed the tax rates for the rich and super-rich over the years.

Singapore is now bucking the trend by raising income tax rates for high-earners by 2 per cent.

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