The government will discuss the possibility of introducing a sales tax for RON95 petrol if global crude oil prices continued on a downward trend at a Fiscal Policy Committee meeting next Wednesday, said Deputy Finance Minister Datuk Ahmad Maslan in a report by Bernama.
He gave an example of charging a sales tax of RM0.58 per litre if the price of RON95 fell to RM1.72 per litre, which would bring the total price for the consumer up to the current price of RM2.30 per litre.
The minister said the other choice would be for the government to simply reduce the price of RON95 down to RM1.72 per litre, but noted that it would mean the government would not be able to collect revenue for the country's development.
According to the minister, the government paid RM23.5 billion in 2013 and RM21 billion in 2014 so far to petroleum companies for petrol subsidies, it needs to get it back. A fuel tax would be one way to do so.
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