31 March 2014| last updated at 01:38PM
By ZARINA ZAKARIAH and HANA NAZ HARUN | firstname.lastname@example.org
KUALA LUMPUR: THE first reading of the Goods and Services Tax (GST) has been tabled for the first time at the Parliament earlier today.
Deputy finance minister Datuk Ahmad Maslan tabled it after 6 months to replace the existing sales and services tax.
Once tabled, the bill would be open for debate for it to be passed into law as it is scheduled to be implemented in April 1, 2015.
In October last year, Prime Minister Datuk Seri Najib Razak in his budget speech at the Parliament said the GST would be introduced at the rate of 6 per cent.
Investors had been reported to welcome the tax, which is aimed at broadening the revenue base where only about 10 per cent of citizens pay income tax and most of the government’s money comes from oil and gas.