Malaysia's GST will be zero-rated effective 1 June 2018

Malaysia Resets Goods and Services Tax to Zero From June 1, 2018

After debunking a false release that GST will be abolised, the Ministry of Finance of Malaysia has declared that the goods and services tax (GST) will be zero-rated from 1 June.

The MoF said the adjustment does not cover those goods and services that are already exempted from GST.

"Such determination does not include goods and services that are listed in the Goods and Services (Exempt Supplies) Order 2014 which will remain excluded from GST", the ministry said.

"As such, all registered traders should abide by the zero-rating directive. At the same time, registered businesses are still subjected to all current regulations", said the Ministry.

"Traders will also need to ensure that the prices of goods and services are in compliance with the Price Control and Anti-Profiteering Act 2011 at all times".

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

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.

In general, the move was made possible due to the major victory that Pakatan Harapan has achieved in the recent General Election.

Mahathir plans to reintroduce the sales and services tax (SST), which is imposed on companies, as opposed to GST, which is a tax on consumption.

A customer buying the Toyota C-HR is paying RM8,200 in GST, thus, from June 1st 2018, will the Toyota C-HR be priced to RM137,300?

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