Malaysia's Sales and Service Tax will be reintroduced in 2 to 3 months
08:24 | 19/05/2018 Print Article
The reintroduction of the Sales and Services Tax (SST) will take place within two to three months, said Council of Eminent Persons head Mr Daim Zainuddin on Friday (May 18).
|A money changer displays a handful of 100 Malaysian ringgit bills at his office in downtown Kuala Lumpur. (AFP PHOTO/TENGKU BAHAR) |
The new government had announced on Thursday that the Goods and Services Tax (GST) will be scrapped from Jun 1.
Mr Daim said at a press conference that he expects the SST to be implemented "very soon", although the "implementation needs some time".
“You cannot do it immediately, roughly it will take about two to three months," said Mr Daim. “For the last seven years, we do not have GST, (and) there was no problem, we can overcome everything ... the problem here is corruption."
However, no specific date was given.
Mr Daim also offered no answers as to what the SST rate would be, though he said the SST was estimated to raise about RM30 billion in revenue annually and would mitigate the loss from GST collection.