Prime Minister Najib Abdul Razak today mocked the opposition's plan to zero-rate or abolish the goods and services tax (GST) which presently stands at six percent, describing it as cheap talk.

A glaring issue, Najib pointed out, was the opposition's inability to account where it will derive income from once the GST is zero-rated, which will cause a shortfall of RM42 billion a year in revenue.

"How can some quarters out there talk nonsense and lie to the people that if they become the government, they will zero-rate the GST or abolish it.

"I want to ask, if that is how the opposition counts, where will they get the RM42 billion?

"People say talk is cheap. Anyone can say anything, promise this and that," he said when presenting his annual report card on the state of the economy in Shah Alam tonight.

Najib said GST was essential in making up the shortfall due to the fall in oil prices.

He pointed out that prior to 2015, oil comprise 41 percent of the country's revenue...