Business & Markets 2014
Written by Bernama
Thursday, 03 April 2014 17:45
KUALA LUMPUR (Apr 3): A Goods and Services Tax (GST) Appeal Tribunal will be established to deal with appeals against decisions made by the Customs director-general, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah told the Dewan Rakyat today.
He said the tribunal's chairman, deputy chairman and other members would be appointed by the Finance Minister.
"The Finance Minister also has the power to determine the terms and conditions and remuneration for the tribunal," he said when tabling the GST Bill 2014 for second reading in the august House.
Ahmad Husni said the GST refund scheme was similar to that used by the Inland Revenue Board to refund taxpayers who have paid excess taxes.
He said the government was committed to giving GST refunds within 14 working days if the GST rebate forms were sent online or 28 days if the forms were sent by hand.
"This is to ease the financial burden on businesses if their GST refunds are late.
"The GST is not a cost to businesses because any GST paid can be claimed as input tax credit from the government," he said.
Ahmad Husni said the Bill also gave the Finance Minister the authority to determine which goods and services would be exempted from GST by an order published in the Government Gazette and placed on the table in the Dewan Rakyat.
The GST is a consumption tax paid when a person spends or makes a purchase and is imposed on taxable supplies, he said.
He said the finance minister can, in certain situations, give certain people GST exemptions, with the list tabled in the Dewan Rakyat.
The GST, being implemented in 106 countries, is a transparent, efficient and business-friendly taxation system to aid the country's efforts to achieve high-income status, he added.
The GST, which will take effect on April 1 next year, at six per cent, will replace the 16 per cent sales and services tax now levied on certain goods and services.