'GST will have 10 advantages'

Publish date: Sat, 05 Apr 2014, 05:23 PM
IPOH: The business sector and consumers will enjoy 10 advantages with the implementation of the Goods and Services Tax (GST), says Deputy Finance Minister Datuk Ahmad Maslan.
He said among the advantages included an effective, transparent and fair tax structure besides encouraging a shadow economy to be registered under the GST
system.
"It is a transparent tax as a business premises can show the tax imposed in the sales invoice while consumers will know exactly how much tax he or she is
paying on the goods bought and services rendered," he told reporters after opening the office of international real estate consultants, Rahim & Co, here
today.
Ahmad said the other advantages included the marked reduction in red tape and bureaucracy, lower business cost, nil burden on the lower-income, additional
revenue for the country and a competitive export sector.
"Exports will be more competitive as there will be no hidden taxes and the cost of doing business will be lower as GST will not be a cost to registered
retailers," he said.
Besides, GST can also lead to diversification of income sources other than income tax and petroleum tax.
Ahmad did not deny the fact that products which attract five per cent tax may cost one per cent more after the implementation of GST.
"But, we must know and understand that there are many products now which attract sales tax of ten per cent and that will come down to six per cent when
GST is implemented," he added.
Ahmad also said recipients of the 1Malaysia Peoples Aid (BRIM) would receive a one-off payment of RM300 in addition to the BRIM payment to be made next year
to cushion the impact of the Consumer Price Index (CPI) of 1.8 per cent.
The implementation of the GST has a direct impact on the CPI which would take six months to stabilise.-- Bernama
Discussions
Be the first to like this. Showing 2 of 2 comments

AyamTua

semoga GHLSYS dapat projek! kikikiki

2014-04-06 02:06

STRAWBERRY

Amazing. I am sure he can think of 10 reasons to sell his mother and wife if the price is right.

2014-04-06 10:06

Post a Comment