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Tuesday, October 22, 2013

Monitor GST to prevent profiteering, says Chua

Published: Tuesday October 22, 2013 MYT 12:00:00 AM 
Updated: Tuesday October 22, 2013 MYT 7:33:14 AM

PETALING JAYA: The authorities must provide clear information on the abolition of the Sales and Service Tax (SST) which would be replaced by the Goods and Services Tax (GST), MCA Young Professionals Bureau chairman Datuk Chua Tee Yong said.

He said enforcement agencies must also improve their monitoring of the new tax to prevent profiteering, which would lead to a negative impact on the economy.

“If the GST is to be implemented to replace the SST, it is vital for Putrajaya to provide detailed information and adequate guidelines to curb profiteering.

“Only with proper understanding can the GST be implemented to its fullest potential,” he said in a statement.

Chua, who is also Labis MP, said since the GST Bill was tabled for first reading in Dewan Rakyat, opinions on the impact of GST has continued to divide the nation.

“While certain quarters have insisted that its implementation would burden the public further, like-minded Malaysians such as Malaysian Association of Tax Accountants president Abd Aziz Abu Bakar has assured that fears over the implementation are unfounded as the SST would be abolished,” he said.

Chua said the question is how would the authorities ensure that businesses are not going to include SST in the GST.

“For example, if one is not aware that the goods are already levied with sales tax, businesses might not reduce the said tax and proceed to levy the GST with the SST in it.

“This will lead to an increase in the price of goods because there are double taxes imposed,” he said.

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