CONCLUSION and Hong Kong using effective taxes

The conclusions that can be summarized in this paper are that the tax system is very important for a country. Although there are various types of taxes practiced in other countries, tax is a certainty because through the tax system, a country can carry out development and boost their economy. We can see developed countries such as Singapore and Hong Kong using effective taxes in accordance with their country and the result they can develop their country well. Various types of taxation that can be applied in generating state revenues. Without us being aware, the tax paid by us is actually for our benefit in the future. Without taxation, there will be no development and assistance to certain groups. In addition tax is also a mechanism in ensuring no distance between the rich and the poor. Malaysia as a developing country needs the awareness of all parties why tax is implemented in the country. Then the government needs to implement transparent taxation system either GST or SST. This is because GST has good and harm as well as SST.
Another possible conclusion is that the implementation of the SST effective from 1 September 2018 does not promise a reduction in the overall price. On the other hand there are also some prices of goods that go up. In the demand of luxury goods, the price drop will cause the quantity demanded in the market diminishes as it reduces the user’s image. And if the prices of luxury goods rise during the implementation of SSTs, the demand for luxury goods will increase by as much as the price increases slightly.
Most luxury goods like cars, they are goods imported from outside the country. Then the government needs to control that demand for luxury goods from abroad does not affect the luxury goods industry in the country.


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