Malaysia to introduce GST at 6% from April 2015

[eErotica69]

Malaysia to introduce GST at 6% from April 2015


MALAYSIA is set to introduce the goods and services tax at six per cent from April 1, 2015, announced prime minister Datuk Seri Najib Razak as he unveiled the 2014 Budget on Friday.

The former sales and services tax will be abolished.

Below are some highlights from the Malaysian premier's speech so far.

- Goods and services tax to start in April 1, 2015, set at 6 per cent.

- Personal income taxes to be cut by 1 to 3 percentage points after GST introduction. The top rate now is 26 per cent.

- Corporate income taxes to be cut by 1 to 2 points. The top rate now is 25 per cent.

- GDP projected to grow 5 to 5.5 per cent in 2014, from 4.5 to 5 per cent this year.

- Budget deficit to be reduced to 3.5 .

- New RM700 million (S$280 million) air traffic management centre in Kuala Lumpur International Airport in Sepang, to increase aircraft movements. KLIA will have three runways then, from two now.

- Tourism revenues expected to hit RM65 billion in 2013, from RM60 billion last year. The year 2014 will be Visit Malaysia Year, 2015 Year of Festivals.

- Malaysia's bond market is biggest in South-east Asia, valued at RM1 trillion (S$400 billion).

- RM6 billion for valued-added agriculture products, including move to boost exports, build cold room facilities at KL airport.

- Joint lobster rearing project with multinational company in Semporna, Sabah, to produce 18,000 tonnes a year, providing 20,000 jobs.

http://www.straitstimes.com/breaking-news/se-asia/story/malaysia-introduce-gst-6-april-2015-20131025

 

[ThugSin]

is tonycheebye going to lead a protest??

 

[eErotica69]

is tonycheebye going to lead a protest??

Protest behind his PC...

 

[Lexor]

Ho seh liao...Najib huat cai liao....

 

[Scrooball (clone)]

Tonychat is going to go crazy soon. He knows the only thing he is do is squeeze balls in front of his monitor.

 

[zeddy]

is tonycheebye going to lead a protest??

He will bang his balls against the wall in his room as a sign of protest..

 

[Asterix]

Man does not live by bread alone
Only useless Sinkies cannot appreciate this
There’re more important things to protest over
This nation like theirs was founded on processions

[video=youtube;tzR4Z3N4dvA]http://www.youtube.com/watch?v=tzR4Z3N4dvA[/video]

 

[eErotica69]

He will bang his balls against the wall in his room as a sign of protest..

Correction bro, it should be

"He will bang his only ball against the wall in his room as a sign of protest"

 

[ginfreely]

Even Msia government implementing GST based on standard method like Australia etc, excluding the basic essentials from GST. SG must be the only country to implement GST for ALL goods and services, including the basic essentials like food, education, medical..

 

[lianbeng]

lianbeng replies: najib learned well from ah loong! 笑肺睡！

 

[ZorrorroZ]

lianbeng replies: najib learned well from ah loong! 笑肺睡！

And 6% is only the beginning! Soon it will be 7% and then 10%... of course, Malaysia cannot lose to Singapore. Abang must always be more than adik. 'Cos Malaysia Boleh!

 

[lianbeng]

And 6% is only the beginning! Soon it will be 7% and then 10%... of course, Malaysia cannot lose to Singapore. Abang must always be more than adik. 'Cos Malaysia Boleh!

lianbeng replies: why not he starts at 10%?

 

[kopiuncle]

I think we should Malaysia out of the equation. They have their reasons for doing what they are doing.
Singapore has our own reasons. So let us remain good friends and stop lamblasting each other. In fact, Singapore is more vulnerable in the long run...

 

[Asterix]

When the Kopi Fart says you must not then you must
Whatever you were doing had hurt his masters’ cause
To salvage the situation he resorts to mind tricks
Smear campaigns, spamming and what not

Truth of the matter is Singapore and Malaysia
Are inextricably linked
Even Old Fart wrote in His Self Glorifying Story
We are one people
But for accidents of history

Events up north always have an impact on Peesai
In the diplomatic service
Postings to embassy there are the most critical
And not without reason
For when they sneeze Peesai gets the cold

 

[Asterix]

Lim Kit Siang was a reporter for Singapore’s Straits Times
The temerity of youth his boss tore up his complaint letter
Left to join Radio and Television Singapore
Those were the days before Old Fart’s iron hand
Teamed up with that “drunken” Ah Neh Devan Nair

Me thinks they are closer to a Malaysian Malaysia
Not without fighting though for Barisan Nasional
Will not make any concessions until forced to
When you have to boycott restaurants
For discriminatory job advertisements
Dare I say you are far from a Singaporean Singapore

[video=youtube;hzWTfXvL2Nw]http://www.youtube.com/watch?v=hzWTfXvL2Nw[/video]

 

[Leongsam]

Even Msia government implementing GST based on standard method like Australia etc, excluding the basic essentials from GST. SG must be the only country to implement GST for ALL goods and services, including the basic essentials like food, education, medical..

NZ does exactly the same. GST is applied to everything.

 

[Asterix]

NZ does exactly the same. GST is applied to everything.

That is not true. Don't try to bluff Sinkies lah.

"Taxable goods and services don't include:
• goods and services supplied by businesses that aren't registered for GST, and
• exempt supplies such as:
◦ letting or renting a dwelling for use as a private home
◦ interest you receive
◦ donated goods and services sold by a non-profit body, and
◦ certain financial services."

http://www.ird.govt.nz/gst/gst-registering/gst-about/

For more details on the various exemptions see:

http://www.ird.govt.nz/gst/additional-calcs/calc-spec-supplies/calc-exempt/

By the way, this doesn't mean I am in New Zealand, but it does mean that I know how to google :p

 

[Leongsam]

By the way, this doesn't mean I am in New Zealand, but it does mean that I know how to google :p

Those exemptions are no different Singapore's exemptions. Singapore copied the NZ system wholesale.

http://www.iras.gov.sg/irashome/page04.aspx?id=2002

In fact, I believe Singapore now has more exemptions especially in the financial services category.

 

[Asterix]

... ... ... Singapore copied the NZ system wholesale.

Thank you for letting us know that our Ministars are indeed grossly overpaid. Paid millions for copying wholesale without thinking through how and in what ways the system needs to be modified to suit local circumstances! Wow, only daft Sinkies can be that generous!

 

[Leongsam]

Thank you for letting us know that our Ministars are indeed grossly overpaid. Paid millions for copying wholesale without thinking through how and in what ways the system needs to be modified to suit local circumstances! Wow, only daft Sinkies can be that generous!

I believe they did modify it to suit the local economy.

When Singapore copied the NZ GST system, the ministers were still being paid very poorly.

http://www.guidemesingapore.com/taxation/corporate-tax/singapore-gst-tax-guide