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Monday, April 14, 2014

MyEG slips on GST collection news

Published: Friday April 11, 2014 MYT 10:04:00 AM 
Updated: Friday April 11, 2014 MYT 10:06:39 AM

KUALA LUMPUR: Shares of My E.G. Services (MyEG) fell to a low of RM2.65 early Friday on a report the government did not elect MyEG to collect the Goods and Service Tax (GST) on its behalf.

At 9.51am, it was down 6.59 points to 1,852.93. There were 1.51 million shares traded at prices ranging from RM2.65 to RM2.74.

The FBM KLCI fell 6.59 points to 1,852.93. Turnover was 568.80 million shares valued at RM267.59mil. Losers beat gainers more than three to one with 398 decliners to 123 advancers and 222 counters unchanged.

A news report, quoting the Customs director general Datuk Seri Khazali Ahamd as saying the government did not elect MyEG to collect the GST on behalf of the government.

Khazali was reported to have stated MyEG would only receive remuneration only if the implementation of the new system generated a year-on-year improvement in tax contribution of more than 14% from select sectors.

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