After a government meeting, Malaysia’s Second Finance Minister, Datuk
Seri Ahmad Husni Hanadzlah, has rejected any suggestion that the proposed introduction
of a goods and services tax (GST) has been cancelled.
The GST would be in substitution of Malaysia’s existing sales and services
taxes, which are based on specific goods and services. Being more broadly based,
it has been proposed that the GST will be able to be applied at an initial 4%
rate – lower than the current sales tax and services tax rates –
but would still generate some MYR1bn (USD301m) in additional annual taxes for
the government’s coffers.
The Second Finance Minister said that, while there has been some discussion
within the government as to whether the GST has been understood within the country,
and whether it will be ready for implementation as planned in the middle of
next year, there has been no decision made contrary to its planned implementation. It is expected to continue its present course through
parliament.
There has been some discussion on the GST’s possible effect on inflationary
pressures in the country. However, the government has already said that some
40 selected basic goods and services would be GST-exempt.
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