Oil Money Might Help Mahathir Fund Malaysia's Budget Without GST

Oil Money Might Help Mahathir Fund Malaysia's Budget Without GST

The ministry of finance has just announced that Malaysia's goods and services tax (GST), now set at six percent, will be zero-rated come June 1, in line with the new Pakatan Harapan government's promise to abolish the tax within 100 days of it coming to power.

The Finance Ministry, announcing this in a statement today, said the change goes into effect nationwide and will remain until further notice.

The "zero per cent" move means that the deeply unpopular GST is effectively abolished.

"Accordingly, all registered traders are required to comply with the latest zero rate imposition. In the meantime, all registered businesses are still subject to all existing rules including those related to tax invoice, submission of tax return within predetermined taxable period, and claims of input tax credit", the ministry said.

The ministry's announcement comes nearly a week after the Pakatan Harapan (PH) coalition took over as federal government.

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Abolishing the GST was a major promise made by the Pakatan Harapan coalition should they win the May 9 general election.

"Whatever excess taxes collected under GST will be refunded", he told reporters at Yayasan Perdana, today.

The new government has said that its income would not be affected by doing away with the tax.

The consumption tax was introduced in April 1, 2015 by defeated Datuk Seri Najib Razak's administration.

But Zeti Akhtar Aziz, a former central bank governor who is serving at a temporary advisory panel for the Mahathir government, said Malaysia can meet its revenue requirements by prioritizing its projects, increasing the efficiency of the public sector, avoiding wastage and exploring new sources of revenue.

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