Malaysian GST 2015 implementation bill published
Following the announced introduction of Malaysian Goods & Services Tax on 1 April 2015, a draft Bill has been published in Parliament. The new GST will replace the existing Sales at 10% (5% on basic foodstuffs) and the Service Tax of 5%.
Key measures contained within the Bill include:
- 6% GST rate
- Imports of goods will be subject to the new tax
- The following goods will be exempt from GST: public transport; basic foodstuffs; and education
- Fines for non-payment of GST of up to 20 times the missing GST, with the possibility of a prison sentence