Despite receiving heavy oppositions from the public against the proposed Goods and Services Tax (GST), the Government is still decided to table the GST Bill 2009 to seek second hearing in the parliament meeting on 11 Oct 2010, in which the second hearing was postponed from its original schedule in March 2010.
The implementation of GST, a consumption tax based on the value-added concept, is set to go ahead and inevitable, as many other countries in the world have already been implemented GST or VAT equivalents. It is believed that GST would increase Government revenue and help narrow the budget deficit as well as to reduce the reliance on direct income tax revenue.
There will be no amendments to GST Bill 2009, which is to be tabled for debate by the members of parliament in the next few months to pass the law.
The Government will continue to educate the public and business sector before the implementation of GST. The Government promised that they will allow sufficient time to the public and business sector to understand GST. The timeframe could be around 18 months from the enactment of GST Act. Based on this timeframe, GST is set to affect the public community of Malaysia in 2012.
source: nanyang.com.my
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