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General Information on GST

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General Information on GST

Post by Admin on Sat Sep 27, 2014 5:30 pm

GST will be implemented on 1.4.2015

At present, 160 countries have implemented GST.  Rates are generally between 5-25%.

GST Rates among Asean countries
- Thailand and Singapore 7%  
- Indonesia, Cambodia, Laos and Vietnam 10%
- Phillipines 12% Only Malaysia, Myanmar and Brunei have not implemented GST
More info on countries that have implemented GST can be found in http://gst.customs.gov.my/en/gst/Pages/gst_ci.aspx

The purpose of implementing GST is to increase government revenue and reduce dependence on corporate and personal income tax and petroleum tax.  In 2013 income tax and petroleum tax account for 58% and 30% of government revenue respectively.

To ease the burden of the public following GST implementation
- In YA 2015 – personal tax rates will be reduced 1-3%, corporate income tax from 25% to 24%
- For companies with paid-up capital of up to RM2.5mil, the rates will be reduced by 1 percentage point as follows:
  (a) from 20% to 19% on chargeable income up to RM500,000; and
  (b) from 25% to 24% on the remaining chargeable income.
- Household with income below RM4,000 per month will get one off BRIM cash rebate of RM300.

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