By NNN-Bernama,
Ipoh, Malaysia : Malaysia’s Finance Ministry will explain to the media, businesses and non-governmental organizations (NGOs) representing the people the proposed Goods and Services Tax (GST) before the relevant Bill is taken through its second and third readings in Parliament next year, says Second Finance Minister Ahmad Husni Hanadzlah.
Before introducing the GST, the government had already met with various groups representing professionals, tax consultants, foreign experts as well as industry since 2005, he told reporters after launching the national level Innovation and Integrity Day celebrations in this capital of northern Perak state Thursday.
“It is actually a long process. We gathered information from all parties and only then were we of the opinion that we could introduce the GST. Now the process involves the media where we will meet with every chief editor and explain. It will take about two weeks,” he added.
He said the process of involving the media, businesses and NGOs was to explain to the people several aspects of the GST which had not been well understood.
On Nov 23, Prime Minister and Finance Minister Najib Tun Razak had announced that a Bill on the introduction of the GST would be tabled for its first reading during the current session of the Dewan Rakyat (lower house of Parliament).
Ahmad Husni said the proposed GST of 4.0 per cent to be introduced by the government to replace Sales Tax and Service Tax of between five and ten per cent at present, would enhance the effectiveness of the tax collection system. “We believe with the GST, it will ensure companies make payments,” he said.