Fiscal reform initiative is underway - Finance Ministry
Fiscal reform initiative is underway - Finance Ministry
Malaysia Resets Goods and Services Tax to Zero From June 1, 2018
17 May, 2018, 16:47
And while it does seem that the GST is finally going away, this does not mean it's complete dismissal, as there still remains certain protocols for tax filing and claims to be heeded by individuals and businesses. It's a brief explanation on how the country will cope without the significant revenue contribution from GST, which stood at RM44 billion in 2017.
The Goods and Services Tax (GST) in Malaysia will be reduced from the existing rate of 6% to 0% starting from 1 June 2018.
The ministry said expenditure reduction will begin with rationalisation, efficiency measures and reduction in wastages. Zeti Akhthar Aziz, a senior adviser to the Malaysian government, said on Tuesday that Malaysia would be able to reduce the fiscal deficit by controlling expenditure in the absence of GST, reported Reuters. Brent crude is now hovering just below the US$80 per barrel mark.
Malaysia announced it would scrap the 6 per cent GST rate, in line with the electoral promise by Prime Minister Mahathir Bin Mohamad that helped him win the elections last week. Those who argue that the GST has not led to a great improvement in the fortunes of government revenue point out that service tax, included in the GST, was not earlier available to States.
Although the development in Malaysia may not have any direct impact on India, experts suggest the government should closely study the Malaysian experience, take "necessary precautions", and come up with additional reforms to expand GST in a phased manner.
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If the new SST rate is 10%, as it was before GST came into play, we could be seeing an increase in auto prices compared to today's sticker prices.
Najib had in the past hailed the GST introduced on April 1, 2015 as the country's "saviour", following a fall in global oil prices then that had caused lower revenue and forced oil-producing Malaysia to revise its government budget. We were reminded of this earlier this week by Edaran Tan Chong Motor's sales and marketing director Christopher Tan. So if the situation is such that if the sales tax implemented will be exactly the same as before, there could actually be a price increase. The Honda Jazz 1.5S meanwhile could see a new price of under RM69,000!
Another potential surprise for the auto buying public is that prices might not fall by exactly 6% come June 1.
As regards revenue through non-GST taxes, which cover petroleum products and alcohol, the growth rate was 10.7% for the same period.
"It is a question of how quickly you can bring (the SST) back".
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