Implementation of the Goods and Services Tax in Malaysia

Topics: Tax, Singapore, Tax refund Pages: 2 (476 words) Published: May 6, 2013
Implementation of the Goods and Services Tax (GST) in Malaysia Deputy Finance Minister, Datuk Donald Lim Siang Chai has informed that there is no specific date for the implementation of the GST. The Government will be holding a series of roundtable discussions in the mid 2012 to gather more feedback and suggestions from the business community, chambers of commerce, non-governmental organisations, economists, tax experts and manufacturers on the implementation of the GST. These discussions would provide the Government with a clearer picture and a better understanding of the general acceptance of GST among Malaysians. The Government would be looking at conducting more dialogues and road shows nationwide to educate and create awareness among Malaysians on the GST. The Government will only implement the GST when the above achieves between 60% to 70% approval rates from the relevant parties. The GST would inevitably be introduced in Malaysia as it served as an alternative route for the Government to increase its revenue, apart from the collection of existing income taxes. Moreover, in the Asean countries, only Malaysia, Brunei and Myanmar have yet to implement the GST in their respective countries. In addition, Minister in the Prime Minister’s Department, Datuk Seri Idris Jala also has indicated that the GST will not be implemented any time soon as discussions and awareness programmes are still ongoing. He also said that the GST is not a new tax as it is meant to replace the sales and service tax. The implementation of GST in Malaysia is surely and slowly moving toward our shore as a matter of the right timing. As long as the political will stays firm with no major adverse impact from the uncertainties of the world economy in the coming months, we should expect the implementation of GST in the next couple of years. The introduction of the GST requires preparation to ensure compliance and a structured approach must be in place as it requires a total business...
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