GST will help bring about stability for Malaysia in terms of economic development

Business & Markets 2013
Written by Bernama
Friday, 01 November 2013 17:36
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LABUAN (Nov 1): The implementation of the Goods and Services Tax (GST)
will help bring about stability for Malaysia in terms of economic development.
The president of the Federation of Sabah Manufacturers (FSM) Datuk Wong
Khen Thau said the tax will also not burden the people, but lead to a
partnership concept in respect of the economic development.
"The GST which has long been practiced in most developed countries, has had
a positive impact on the economic development, and the people in general.
"The tax collected by the government through the GST system will generate
income for the country’s coffers and is for development to benefit the people.
"As responsible citizens who want to see the country progress, we should
therefore not see the GST as a burden, but support its implementation," he
added.
Meanwhile, the president of the Malay Chamber of Commerce Malaysia
Labuan (DPMML) Datuk Yussof Mohammad said implementation of the GST or
also known as a consumption tax, would see a regulatory system that is
efficient and effective in respect of tax collection.
"The GST is also being levied or imposed on certain prescribed goods and
services, so as to not burden consumers. It will also help reduce unethical
profiteering among traders and eventually benefit the people," he added.
The GST is effective from April 1, 2015 and the rate has been fixed at six per
cent.
The existing sales and service tax (SST) at 10 per cent and six per cent
respectively, will be abolished then.