Register early for GST, urges PM

KUALA LUMPUR: Prime Minister Datuk Seri Najib Abdul Razak urged businesses to register for the Goods and Services Tax (GST) before the deadline, which is end of this year.
He pointed out that if companies were to register earlier, they would be prepared for the implementation of the tax in April 1 next year and it would benefit them.
"I would like to appeal to all Malaysians, especially businesses, to register to avoid the classic 'Malaysian syndrome of last- minute registration'," he said in his speech at the International Seminar on Goods and Service Tax 2014 at Bank Negara Malaysia (BNM) here today.
Najib, who is also finance minister, pointed out that the Sales and Service Tax is no longer fit for a rapidly growing and economically progressive economy such as Malaysia.
"The GST is an important initiative under the Economic Transformation Programme – a strategic reform aimed at modernising our taxation system to make it more effective, efficient and business-friendly," he added.
Najib said the GST is an important reform implemented at the right time to help Malaysia build a stronger, more sustainable and transparent economy.
"Together, we will not only achieve developed-nation status, but also secure a prosperous future for generations to come," he said.
Also present were Finance Minister II Datuk Seri Ahmad Husni Mohd Hanadziah, Secretary-General of Treasury Tan Sri Dr Irwan Siregar Abdullah, BNM Governor Tan Sri Dr Zeti Akhtar Aziz and Deputy Finance Ministers Datuk Ahmad Maslan and Datuk Chua Tee Yong.
Later, Ahmad said that until Sept 14, some 36,000 businesses had registered for the GST, with the government targeting to get at least 120,000 businesses registered by the end of the year.
Ahmad added that the government has not decided yet if GST will be imposed on fuel as it is waiting to see the amount of money it could save through the subsidy rationalisation exercise on petroleum.
"If it could bring savings of between RM8 billion and RM10 billion, no need to implement GST on petroleum," he said.
Ahmad also said that the finalised zero-rated items or items exempted from GST will be announced by Najib when he tables Budget 2015 on Oct 10.
Meanwhile, PKR vice-president Rafizi Ramli, in a statement, has called on Najib to immediately inform the people if the GST will be imposed on fuel.
He noted that if GST is imposed on fuel, it would cause an increase in goods and other services. "This would cause household expenditures to increase by about RM100 per month," he claimed.