ID :
181130
Tue, 05/10/2011 - 11:59
Auther :
Shortlink :
https://oananews.org//node/181130
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CORPORATE & PERSONAL INCOME TAX MAY BE REDUCED WITH GST IN PLACE, SAYS PM NAJIB
PUTRAJAYA, May 10 (Bernama) -- Corporate and personal income tax may be reduced with the implementation of the goods and services tax (GST), Prime Minister Najib Razak announced Tuesday.
He, however, said the government was still engaging with the Public
Awareness Education Programme to educate the people on the advantage of the GST.
"As far as the people are concerned, there is growing acceptance that the GST is good," said Najib, who is also Finance Minister, to reporters after attending the Budget 2012 Consultation here Tuesday.
Asked on the GST rate acceptable to the people, Najib said the government would do a proper survey when the time comes.
On whether the GST would be implemented next year, Najib said: "I will tell you later."
The GST, also known as value-added tax or VAT in many countries, is a multi-stage consumption tax on goods and services.
The tax is levied on the supply of goods and services at each stage of the supply chain from the supplier up to the retail stage of the distribution.
Eventhough the GST is imposed at every level of the supply chain, the tax element does not become part of the cost of the product as the GST paid on the business inputs is claimable.
The people can get more details on the GST by logging on to
http://www.gst.customs.gov.my.
Najib also urged the Federation of Malaysian Consumer Associations (Fomca) and non-governmental organisations to play their role to explain to the people on the benefits of the GST.
"When the people have fully understood and accepted, that's the right time for us to implement the GST. We will make an announcement after we have assessed the people's acceptance of the GST. I will announce when the time comes."
On whether the people could expect "good news" as next year's budget would be "inclusive and people-centric", Najib said: "I would say, we will do programmes that will benefit the people."
"In fact, even before the budget (is tabled), there will be a few major programmes that will be launched in June and July," he said.
Earlier, Najib said the 2012 Budget would be tabled in Parliament on Oct 7.
"Putting the people first will be the theme not only for the budget but also of the government," he said
Elaborating, Najib said when the government rationalised subsidies, "it did not mean we are not putting the people first."
"It is in fact reducing government expenditure so that we can have much stronger fiscal position and more projects in the future," he added.
The theme for the 2012 Budget Consultation is "Together Driving
Transformation".
He, however, said the government was still engaging with the Public
Awareness Education Programme to educate the people on the advantage of the GST.
"As far as the people are concerned, there is growing acceptance that the GST is good," said Najib, who is also Finance Minister, to reporters after attending the Budget 2012 Consultation here Tuesday.
Asked on the GST rate acceptable to the people, Najib said the government would do a proper survey when the time comes.
On whether the GST would be implemented next year, Najib said: "I will tell you later."
The GST, also known as value-added tax or VAT in many countries, is a multi-stage consumption tax on goods and services.
The tax is levied on the supply of goods and services at each stage of the supply chain from the supplier up to the retail stage of the distribution.
Eventhough the GST is imposed at every level of the supply chain, the tax element does not become part of the cost of the product as the GST paid on the business inputs is claimable.
The people can get more details on the GST by logging on to
http://www.gst.customs.gov.my.
Najib also urged the Federation of Malaysian Consumer Associations (Fomca) and non-governmental organisations to play their role to explain to the people on the benefits of the GST.
"When the people have fully understood and accepted, that's the right time for us to implement the GST. We will make an announcement after we have assessed the people's acceptance of the GST. I will announce when the time comes."
On whether the people could expect "good news" as next year's budget would be "inclusive and people-centric", Najib said: "I would say, we will do programmes that will benefit the people."
"In fact, even before the budget (is tabled), there will be a few major programmes that will be launched in June and July," he said.
Earlier, Najib said the 2012 Budget would be tabled in Parliament on Oct 7.
"Putting the people first will be the theme not only for the budget but also of the government," he said
Elaborating, Najib said when the government rationalised subsidies, "it did not mean we are not putting the people first."
"It is in fact reducing government expenditure so that we can have much stronger fiscal position and more projects in the future," he added.
The theme for the 2012 Budget Consultation is "Together Driving
Transformation".
