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Thursday, October 31, 2013

Budget 2014: Public to be informed on how GST will work

Published: Sunday October 27, 2013 MYT 12:00:00 AM 
Updated: Sunday October 27, 2013 MYT 1:00:11 PM

PETALING JAYA: The Government will be reaching out to the rakyat to explain how the Goods and Services Tax (GST) will be implemented from April 2015.

Deputy Finance Minister Ahmad Maslan said the ministry will work with the Customs Department to explain the differences between GST and the current Sales and Services Tax (SST) and why GST was better.

“We have a special allocation to create awareness on GST among government institutions, corporate bodies, non-governmental organisations and academic groups.

“The Customs Department has already gotten the ball rolling with explanations on GST implementation to some companies,” he said after launching a Budget 2014 briefing by the Inland Revenue Board.

IRB’s briefing is a platform to educate its officers on proposed amendments to laws related to taxation, especially the Income Tax Act.

IRB deputy chief executive officer (compliance) Datuk Dr Siti Mariam Che Ayub said Budget 2014 had suggested 38 amendments to the Income Tax Act, eight amendments to the Petroleum (Income Tax) Act, six amendments to the Real Property Gains Tax Act, two amendments to the Stamp Act, and two amendments to the Labuan Business Activity Tax Act, among others.

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