GST-free 40 |
Written by 3K Admin |
Saturday, 13 February 2010 02:36 |
2010/02/12 By Rupa Damodaran KUALA LUMPUR: Basic foodstuffs like rice and fresh vegetables and part of utilities such as water and electricity will be exempted from the proposed goods and services tax (GST). The government plans to introduce GST at four per cent next year. The Goods and Services Tax Bill was tabled for first reading in Parliament last December. The second reading has been scheduled for next month. More than 140 countries have implemented GST, also known as valued-added tax in some nations. Countries with populations with less purchasing power like Businesses are expected to save RM4 billion with the GST, while exporters stand to save up to RM1.4 billion. “The possibility of revenue loss through the understatement of taxable value at an earlier stage in the production and distribution chain would be overcome with the implementation of GST,” Husni said. “With higher tax compliance, the government can generate additional revenue which will go back to the rakyat through socioeconomic development.” The government is keen to hear public views so that fine-tuning can be made to ensure successful implementation of the GST. Source: http://www.nst.com.my/Current_News/NST/articles/20100212081738/Article/index_html |
Last Updated on Saturday, 13 February 2010 02:42 |