Malaysia says GST to be effectively scrapped from June 1

Malaysia’s new government on Wednesday said it would reduce a goods and services tax to zero from June 1, effectively abolishing it, a move that is likely to spur spending in the Southeast Asian nation but put pressure on its fiscal position. Prime Minister Mahathir Mohamad, who won last week’s general election, had vowed during the campaign to get rid of the 6 percent GST to address the rising co…