Published: Wed, May 16, 2018
Business | By Tara Barton

Malaysia to remove GST for consumers on Jun 1

Malaysia to remove GST for consumers on Jun 1

After debunking a false release that GST will be abolised, the Ministry of Finance of Malaysia has declared that the goods and services tax (GST) will be zero-rated from 1 June.

This decision does not include goods and services listed in the Goods and Services Tax (Exempt Supply) Order 2014, which remain exempted from GST.

"Traders will also need to ensure that the prices of goods and services are in compliance with the Price Control and Anti-Profiteering Act 2011 at all times". An industry source told us that buyers can not expect to simply remove six percent from current selling prices, as carmakers have paid GST all along the production and distribution process, and the tax isn't just charged to the customer in one lump sum.

Earlier, Prime Minister Tun Dr Mahathir Mohamad confirmed that he instructed the government to stop GST collection as well as impose a fixed petrol price. Ousted leader Najib Razak had introduced the tax in 2015 amid lower oil prices.

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"The instruction has been given so the government will no longer collect GST". This is because the government has collected more than necessary, he added.

The screenshot of the statement issued by the Ministry of Finance.

As recently as Monday, Edaran Tan Chong Motor's sales and marketing director Christopher Tan said that vehicle prices might actually go up slightly if the previous 10% sales tax (which was superseded by GST) is reinstated without changes.

With respect to fuel prices which are reviewed every Wednesday, Mahathir said: "There will be no ups and downs. present prices will stay".

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