By The Star
It is not a question of if but when the goods and services tax (GST) will be implemented in Malaysia, according to Taxand Malaysia Sdn Bhd managing director Veerinderjeet Singh.
The GST had been scheduled to replace the current sales and services tax (SST) by the middle of next year.
But Second Finance Minister Datuk Ahmad Husni Hanazlah recently said the government would defer tabling the GST bill for a second reading in Parliament.
Husni had said the government wanted more time to seek public feedback before proceeding with the GST.
But Veerinderjeet believes it is only a matter of time before the GST is implemented despite the deferment in tabling the GST.
“We believe that if the GST is not implemented this time next year, it would likely be implemented the following year,” he told reporters after his presentation at the GST & Other Indirect Tax Developments seminar yesterday.
The seminar was organised by Taxand Malaysia and the Malaysian International Chamber of Commerce and Industry.
Veerinderjeet said the seminar was to educate professionals on the actual mechanics of GST in preparation for the eventual implementation of the GST. “Businesses in general need to understand the detailed rules and consider how these would apply to their own business operations. “Failure to do so may result in the loss of the set-off or credit for input taxes suffered and/or being exposed to onerous penalties for non-compliance with the law,” he said. On the challenges of implementing the GST, he said there were several, including pricing and embracing appropriate technology in areas such as GST collection at each stage of the supply chain. On the proposed GST rate at 4%, Veerinderjeet noted that the current SST rate far exceeded the proposed GST rate.
So does this means that everything is goin up? Inflation would be cap high? Property prices are goin to go further up? I just think that KL property prices has gone crazy and overly priced. The real problem is there are buyers who are willing to pay that price that has been overly priced. E.g Valuer only value that piece of 2nd hand corner 2 storey terrace link house property at Cheras for 450k but the seller is asking for 600k and the buyer just blindly purchase that piece property. Nobody's fault and is there a mechanism to educate ppl? lolx.. Else KL property will gorang untill hangus :P
It is not a question of if but when the goods and services tax (GST) will be implemented in Malaysia, according to Taxand Malaysia Sdn Bhd managing director Veerinderjeet Singh.
The GST had been scheduled to replace the current sales and services tax (SST) by the middle of next year.
But Second Finance Minister Datuk Ahmad Husni Hanazlah recently said the government would defer tabling the GST bill for a second reading in Parliament.
Husni had said the government wanted more time to seek public feedback before proceeding with the GST.
But Veerinderjeet believes it is only a matter of time before the GST is implemented despite the deferment in tabling the GST.
“We believe that if the GST is not implemented this time next year, it would likely be implemented the following year,” he told reporters after his presentation at the GST & Other Indirect Tax Developments seminar yesterday.
The seminar was organised by Taxand Malaysia and the Malaysian International Chamber of Commerce and Industry.
Veerinderjeet said the seminar was to educate professionals on the actual mechanics of GST in preparation for the eventual implementation of the GST. “Businesses in general need to understand the detailed rules and consider how these would apply to their own business operations. “Failure to do so may result in the loss of the set-off or credit for input taxes suffered and/or being exposed to onerous penalties for non-compliance with the law,” he said. On the challenges of implementing the GST, he said there were several, including pricing and embracing appropriate technology in areas such as GST collection at each stage of the supply chain. On the proposed GST rate at 4%, Veerinderjeet noted that the current SST rate far exceeded the proposed GST rate.
So does this means that everything is goin up? Inflation would be cap high? Property prices are goin to go further up? I just think that KL property prices has gone crazy and overly priced. The real problem is there are buyers who are willing to pay that price that has been overly priced. E.g Valuer only value that piece of 2nd hand corner 2 storey terrace link house property at Cheras for 450k but the seller is asking for 600k and the buyer just blindly purchase that piece property. Nobody's fault and is there a mechanism to educate ppl? lolx.. Else KL property will gorang untill hangus :P
