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Wednesday, November 6, 2013

`GST will help bring about stability in economic development'

Posted on 1 November 2013 - 05:19pm
Last updated on 2 November 2013 - 11:42am

LABUAN (Nov 1, 2013): 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 practised in most developed countries, has had a positive impact on economic development, and the people in general.

"The tax collected by the government through the GST system will generate income for the country's coffer 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. – Bernama

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