KUALA LUMPUR, March 9 — The Federation of Malaysian Manufacturers (FMM) today suggested that the government consider a retail sales tax (RST) as Malaysia was not ready for the goods and services tax (GST).
Chairman of the Task Force on GST Datuk Lee Ow Kim recommended that the GST be deferred until Malaysia was ready when average income was higher and the income disparity was smaller.
The GST is supposed to replace the current Sales and Services Tax (SST) by the middle of next year.
Lee said normally the GST was for more advanced and affluent countries where the income disparity was not that big and most people were paying income tax.
“Hence, the government should consider the RST as an alternative which was simpler, less costly for government and businesses to administer but generates the same revenue to the government,” he told a GST conference today. — Bernama
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