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Malaysian Parliament Passes Bill to Form Sales and Services Tax (SST) to Replace Goods and Services Tax (GST)

Updated:2018-8-9 12:06:21    Source:www.tannet-group.comViews:104

It is reported that the Malaysian parliament on August 8th passed a bill to repeal the goods and services tax (GST), which was implemented by former government in April 2015 but was zero-rated after the change of government.

The parliament on the same day also passed the Services Tax Bill 2018, which coupled with the Sales Tax Bill 2018, will form the Sales and Services Tax (SST) to replace GST. It is widely expected that SST will be implemented in September, with a 10 percent rate for sales tax and a 6 percent rate for service tax.

"This was the first promise that Pakatan Harapan stated in its manifesto for the General Election. We have fulfilled our promise," Malaysian Finance Minister Lim Guan Eng said in parliament Wednesday, referring to the manifesto formulated by the ruling coalition during the campaign.

As the new SST will only cover 38 percent of the Consumer Price Index (CPI) basket of goods, as compared to 60 percent by the GST, Lim said he believes the new tax system will lessen Malaysian people's burden. (Source: Xinhua News)

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