Published: Thursday April 3, 2014 MYT 5:18:00 PM
Updated: Thursday April 3, 2014 MYT 5:22:32 PM
|Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah |
says a GST appeals tribunal will be established to deal with
appeals against decisions by the Customs Director-General.
KUALA LUMPUR: A goods and services tax appeals tribunal will be established to deal with appeals against decisions by the Customs Director-General, said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.
He said the Tribunal's chairman, deputy chairman and other members will be appointed by the Finance Minister.
"The Finance Minister also has the power to determine the terms and conditions including remuneration of the tribunal," he said when tabling the GST Bill 2014 for second reading at the Dewan Rakyat here today.
Ahmad Husni said the GST refund scheme is similar to that used by the Inland Revenue Board for refunding a taxpayer who has paid excess taxes, adding the government is committed to giving GST refunds within 14 working days if the GST rebate forms are sent online or 28 days if the forms are sent manually.
"This is aimed at easing 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 back as input tax credit from the government," he said.
Ahmad Husni said the bill also gives the Finance Minister the authority to determine which goods and services will be exempted from the GST by order published in the Gazette and laid on the table of 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, adding the Finance Minister can, in certain situations, give certain persons GST exemption, with the list to be tabled at the Dewan Rakyat.
The GST, which has been 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 said.
The GST, which will take effect on April 1, 2015 at a rate of six per cent, will replace the 16% sales and services tax now levied on certain goods and services. – Bernama