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GEORGE TOWN (August 28): The Domestic Trade, Cooperatives and Consumerism Ministry has said that companies and traders should wait for the Sales and Services Tax (SST) list to be finalised before they announce price hikes for their goods and services.
The Sun Daily reports that companies have already started distributing public circulars, that state their intent to raise prices after the SST comes into effect on Saturday.
Minister Datuk Saifuddin Nasution Ismail said: "How do they know which items are eligible and the calculations behind it? Let us wait for the customs to fine-tune the list and some may still be exempted if the government feels compelled to provide exemptions."
The daily reports that Saifuddin said the ministry would monitor traders, to see if they do not comply with the fair pricing and trade mechanism offered.
"We are watching them and we will act if they break the law, especially if they indulge in profiteering attempts," he said.
The SST comes into effect next month, after the three-month tax holiday.
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