Malaysia scrapped a 6 per cent rate on the goods-and-services tax, fulfilling a campaign promise by Prime Minister Mahathir Mohamad that gave him an unexpected win in last week’s election. The tax rate will be set at zero per cent from June 1. Malaysian Indian Network of Entrepreneurs Association (1MINE) President Datuk S. Gopinath, who welcomed the move, said the announcement from the Finance Ministry on the zero-rating was timely as many people had to deal with spiralling living costs. One reason for the resilience of Malaysian assets as local markets reopened Monday may have been that Mahathir Mohamad’s shock election win has coincided with a jump in oil prices to the highest since 2014, writes Andrew Janes for Bloomberg.