Malaysia's GST will be zero-rated effective 1 June 2018

Why Malaysia has scrapped the GST that accounted for 18% of govt's revenue

Why Malaysia has scrapped the GST that accounted for 18% of govt's revenue

The ministry of finance has just announced that Malaysia's goods and services tax (GST), now set at six percent, will be zero-rated come June 1, in line with the new Pakatan Harapan government's promise to abolish the tax within 100 days of it coming to power.

"Such determination does not include goods and services that are listed in the Goods and Services (Exempt Supplies) Order 2014 which will remain excluded from GST", the ministry said.

"Businesses also have to ensure that prices of goods and services are in compliance to Price Control and Anti-Profiteering Act 2011 at all time", it added.

A promise to scrap the goods-and-services tax helped Prime Minister Mahathir Mohamad win an election that led to Malaysia's first change in government since independence.

But others are more sanguine, noting that GST was introduced in part to make up for the the significant fall in oil prices in recent years.

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This proposal however has raised economists' concern as the government may have difficulty in finding new sources to match the GST revenue collection, which stood at 44 billion ringgit in 2017.

Bernama quoted Mahathir as saying that excess GST collected will be returned to those who apply for reimbursement. "The government will subsidise if there are insufficiencies", he added.

In an official statement by Ministry of Finance earlier today, the new rule will be applied nationwide starting from the date that we've mentioned above.

"No longer up and down, the present (market) rate will stay". If there is a need, we (the government) will subsidise.

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