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Friday October 25, 2013 MYT 5:18:00 PM
Friday October 25, 2013 MYT 10:27:38 PM
KUALA LUMPUR: The sales and service tax will abolished, to be replaced by a single tax known as the Goods and Services Tax (GST), said Datuk Seri Najib Tun Razak in his Budget speech at Parliament Friday.
The GST will be enforced on April 1, 2015 at a rate of 6%. This is the lowest in Asean, he said.
He said the Government would also provide a one-off payment of RM300 to BR1M households when GST is implemented.
When GST is implemented, the government will reduce personal income tax by one to three percentage points, individual income tax structure will also be reviewed.
There will be no GST levied on essential food items, transport services, including toll payments, purchase and rental of residential properties and selected financial services.
GST will not be imposed on basic food items, piped water supply, the first 200 units of electricity per month for domestic consumers, services provided by the government such as issuance of passports and licences, health services, school education.
Tags / Keywords:
Budget 2014, Parliament, Finance Ministry, GST
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