Price of goods expected to be stable, says Ahmad Maslan

The prices of goods are expected to be stable, says Deputy Finance Minister, Datuk Ahmad Maslan.

He said there were four factors contributing to the price stability in the market with the first being stocks with the Sales ServiceTax (SST) among businesses had finished.

"Businesses have no more excuse to impose the 10 per cent SST together with the six per cent of the Goods and Services Tax (GST) and bring the total to 16 per cent.

"The second factor is that traders are starting to believe in the GST as they can earn the claim input tax. This is due to the traders already receiving their claims for May and expect the same for June," Ahmad told Bernama at a breaking of fast organised by the Amal Maarof Foundation Malaysia here Monday.

The third factor was the overall demand for goods would decline as consumers become more cautious in spending and thus forcing businesses to lower their prices, he said.

"The fourth factor is stricter enforcement by the Domestic Trade, Cooperatives and Consumerism Ministry in ensuring the prices of goods are maintained," he said, adding the charging of guilty parties were also expedited.

Ahmad said to date, over one million premises had been inspected by the authorities.

"I hope enforcement will be doubled during this period as traders may take advantage of the festive season," he said.