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The Goods and Services Tax (GST) is an abolished value-added tax in Malaysia. GST is levied on most transactions in the production process, but is refunded with exception of Blocked Input Tax, to all parties in the chain of production other than the final consumer. The existing standard rate for GST effective from 1 April 2015 is 6%.
The government will have a balance revenue of RM5.6 billion after deducting RM3.8 billion for GST exemption and RM13.8 billion from abolishment of SST; Of the total, RM4.9 billion will be channelled back to the rakyat through assistance programmes such as BR1M; Finally, net revenue collection from GST will only amount to RM690 million
The Goods and Services Tax (GST) is an abolished value-added tax in Malaysia. GST is levied on most transactions in the production process, but is refunded with exception of Blocked Input Tax, to all parties in the chain of production other than the final consumer. The existing standard rate for GST effective from 1 April 2015 is 6%.
The Government Transformation Programme (GTP) is an effort by Malaysia's Government to address seven key areas concerning the people of the country. The programme was unveiled on 28 January, 2010, by Prime Minister Najib Razak, and is expected to contribute in making the country a developed and high-income nation as per its Vision 2020.
On 1 December 2014, the government of Malaysia officially ended the subsidy of all fuels, taking advantage of low oil prices at the time, potentially saving the government almost RM20 billion ringgit (US$5.97 billion) annually. A managed float mechanism has been put in place where prices would adjust according to the market rate. [4]
Najib: "The reality is that inflation now is low at around 2%. The government is confident this will be the best time to impose GST as inflation is minimal and under control." Training grant of RM100 million will be provided to businesses that send their employees for GST training in 2013 and 2014.
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On 2 May 2009, Prime Minister Najib Razak announced the government's plan to develop a new economic model that will speed Malaysia's transition to a high income country. . The plan will emphasise ways to increase the income and productivity of workers by encouraging knowledge industries and increasing investment from overs