Malaysia will benefit from GST

Posted on 13 March 2014 - 04:53pm

Last updated on 13 March 2014 - 08:10pm

TAWAU: The Goods and Services Tax (GST) will benefit Malaysia, just like the 160 countries which have successfully implemented the system.

Tawau Customs chief Yunos Tahir said Malaysians should support and not reject GST which had been adopted by Indonesia, Thailand, Vietnam, China, Argentina, Australia and New Zealand.

"GST is a tax system that benefits people as it is more effective, customer friendly and can overcome weaknesses in the present system such as double taxation.

"It can overcome the leakage of revenue from transfer pricing, improve tax compliance, reduce cost of doing business and reduce bureaucracy," he said at the GST Awareness Programme, today.

Yunos said GST would also help the government to reduce the income tax and corporate tax rates which was confined to a particular group. – Bernama