IPOH, (Bernama) -- About 40 basic necessities, including flour, rice and sugar, will be exempted from goods and services tax (GST), said Second Finance Minister, Datuk Seri Ahmad Husni Hanadzlah.
Ahmad Husni said a study was being undertaken and the laws relating to GST would be debated in Parliament next year.
"We are now holding talks with the non-governmental organisations and corporations before any decision on the GST and this will take into consideration the well-being of the rakyat," he told a media briefing after opening a surau in Kampung Kuang Hilir here today.
He said the GST was not a new tax but one to replace the current sales and service tax.
"The GST, which has been implemented in up to 170 nations, is more efficient, modern and has helped boost their economies," he said.
Ahmad Husni said with the implementatin of GST, the nation's income would increase and this would enable the government to consider increasing the payment for Bantuan Rakyat 1Malaysia and reducing the corporate tax.
"We must find ways to reduce the corporate tax to attract more foreign investors to boost economic growth and provide more jobs for the rakyat," he said.
He said the ministry has completed the Budget 2014 consultation sessions held in Sabah and Sarawak.
- mysinchew.com
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