Le101 Basic Writing And Study Skill
School of Business Management
LE 101 Basic Writing and Study Skill
Topic: Implementation of GST in Malaysia
Name: Cheah Ying Qi
Student ID: B 1308101003
Lecturer: Ms. Peggy
Table of content
No
Contents
pages
1
Introduction of GST
1
2 implementing of GST
2-4
3
Advantages of implement GST
4-5
4
Disadvantages of implement GST
5
5
Conclusion
5-6
6
References
7
Introduction
What is GST? The idea of introducing a flat consumption based Goods and Services Tax (GST) in Malaysia has been floated since 1989. GST was first announced in the 2005 Budget for implementation in 2007. However, in February 2006 the Malaysian Government announced that GST would be deferred as more time was needed to get feedback from the public. After that, GST was tabled for first reading in 2009 for proposed implementation in 2011. The bill was supposed to be presented for second reading in 2010 but was withdrawn. Finally, on the 25th of October 2013, Malaysian Prime Minister Datuk Seri Najib Razak announced the introduction of the Goods and Services Tax (GST) in Budget 2014 to replace the current sales and services tax, GST will be effective on April, 2015.
Consumption (GST) is the government to the taxable items and Tax service, including all imported goods and services, all registered manufacturer as government assistance to the taxpayers to impose consumption Tax. For Malaysia, to impose consumption tax is a new tax, to replace the existing business tax and service tax (SST). Compared with the existing business tax and service tax, consumption tax is a broader concept, it will be for production and service-oriented business tax together at the same time, makes our country 's tax policy unification, to facilitate the government 's tax reform. From the current information we have known that government is forthcoming consumption tax rate is 6%, will be lower than now, the business tax rate (10%) and the service rate (6%). Consumption tax is conducted by the royal
LE 101 Basic Writing and Study Skill
Topic: Implementation of GST in Malaysia
Name: Cheah Ying Qi
Student ID: B 1308101003
Lecturer: Ms. Peggy
Table of content
No
Contents
pages
1
Introduction of GST
1
2 implementing of GST
2-4
3
Advantages of implement GST
4-5
4
Disadvantages of implement GST
5
5
Conclusion
5-6
6
References
7
Introduction
What is GST? The idea of introducing a flat consumption based Goods and Services Tax (GST) in Malaysia has been floated since 1989. GST was first announced in the 2005 Budget for implementation in 2007. However, in February 2006 the Malaysian Government announced that GST would be deferred as more time was needed to get feedback from the public. After that, GST was tabled for first reading in 2009 for proposed implementation in 2011. The bill was supposed to be presented for second reading in 2010 but was withdrawn. Finally, on the 25th of October 2013, Malaysian Prime Minister Datuk Seri Najib Razak announced the introduction of the Goods and Services Tax (GST) in Budget 2014 to replace the current sales and services tax, GST will be effective on April, 2015.
Consumption (GST) is the government to the taxable items and Tax service, including all imported goods and services, all registered manufacturer as government assistance to the taxpayers to impose consumption Tax. For Malaysia, to impose consumption tax is a new tax, to replace the existing business tax and service tax (SST). Compared with the existing business tax and service tax, consumption tax is a broader concept, it will be for production and service-oriented business tax together at the same time, makes our country 's tax policy unification, to facilitate the government 's tax reform. From the current information we have known that government is forthcoming consumption tax rate is 6%, will be lower than now, the business tax rate (10%) and the service rate (6%). Consumption tax is conducted by the royal
References: 1. http://www.internationalconference.com.my/proceeding/icber2014_proceeding/5thicber_proceeding/041_148_5thICBER2014_Proceeding_p569.pdf 2. http://en.wikipedia.org/wiki/Goods_and_Services_Tax_(Malaysia) 3. http://gst.customs.gov.my/en/Pages/default.aspx 4. http://www.nbc.com.my/gst/faqs-malaysia-goods-and-services-tax-gst/