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Tuesday, April 8, 2014

GST Bill 2014 passed

Tuesday, 08 April 2014 06:30

The Dewan Rakyat this Monday morning passed the Goods and Services Tax (GST) Bill 2014. This bill was passed through a head count twice with the opposition giving only 81 votes and the government, 118 votes in the first round. In the second voting, the opposition maintained with 81 votes while the government voting increased to 119 votes.

Earlier, when winding up the debate on the bill, the Deputy Finance Minister Datuk Ahmad Maslan said that the GST would have positive implications on the value of exports and also on the Gross Domestic Product. "Exports will rise by 0.5 per cent as exported goods will be cheaper and more competitive and the GDP on the whole will rise by 0.3 per cent," he informed. Ahmad said that the GST structure in Malaysia encompassed exemptions on various goods and services to meet the needs of their people. Compared to Singapore, the implementation of GST was imposed on all goods and services and exemptions were only given to the financial services and residential houses, he debated.

"The GST rate of six per cent set by the government is consistent with the current economic situation after taking into consideration several factors including reduction of personal tax and corporate tax and the cash financial assistance, "Ahmad said.

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