It’s been slightly over a month since SST took effect, how are your finances coming along?
Luckily for many of us, most basic necessities are exempted from the tax, so shopping for groceries and infant food products is no longer a financial burden. Parents would be delighted to know that baby diapers and baby bottles are also tax-free!
And good news for us ladies: there will be no more Pink Tax on menstrual products! According to The Star Online, Malaysia has removed the Pink Tax on menstrual products including panty liners and sanitary pads.
Other consumer products that are exempted from SST include goods like medicines, newspapers, gardening seeds, insecticides, adult diapers, wheelchairs, eyeglass frames, and vehicles including bicycles, motorcycles below 250cc, and forklifts.
Banking transaction fees, doctor’s fees at private hospitals, domestic flights, individual health insurances, movie or theme park tickets, top-ups for prepaid plans, maintenance services, and construction services are also tax-free.
Check out our 10 simple tips to save money now that SST is in effect:
1. Revise your monthly budget and spendings
We couldn’t stress enough the importance of setting a monthly budget and controlling your spendings. With SST around, it’s time for you to revise your monthly budget and spendings, and see whether there’s anything that you can live without or cut down (do you really need another pair of shoes?).
What are the things that drain your wallet, and can you live without them? If not, is it possible for you to cut down the costs? Be prepared to forgo unnecessary things that won’t benefit you financially in the long run.