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Thursday, November 14, 2013

'IMF approves of GST plan'

13 November 2013| last updated at 11:34PM

SHAH ALAM: The government's efforts to disseminate information on the implementation of the goods and services tax (GST) has received positive response from economic analysts, economists and business circles.

Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar said promoting GST through the mass media, especially television and newspapers, was aimed at educating the public on the difference between GST and current taxes.

"It is our responsibility to inform the public so that they will understand the impact of GST on their lives instead of just subscribing to the opinions of those against it.

"The GST rate of six per cent is reasonable compared with other Asean countries that have imposed a seven to 12 per cent rate," he said at the launch of the Sector Focused Career Fair at Universiti Teknologi Mara (UiTM). The fair was organised by Talent Corporation Malaysia Bhd.

Wahid said the implementation of GST from April 1, 2015, would provide a positive impact on the country's finances even after the reduction of individual and corporate taxes and the government's pledge to continue providing 1Malaysia People's Aid (BR1M)

"I was in New York for two days last week and met a number of significant fund managers.

"They welcomed our country's effort to reduce the fiscal deficit and introduce GST.

"In my meeting with the International Monetary Fund, they said they had been waiting for us to implement GST and considered our 2014 Budget as the breakthrough budget for Malaysia."

On the fair, Wahid said it provided a platform for potential employers to meet employees.

"What UiTM is doing is commendable as they are helping their graduates secure a better future.

"I was told that the event had received an overwhelming response as students from Universiti Malaysia Kelantan came in in four buses to participate."

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