Property, car markets seen slowing down post GST

KUALA LUMPUR: Big ticket items, such as real estate and cars, are likely to see a lull in their respective markets after the implementation of the goods and services tax (GST) come April 1, 2015, says an accountant.

According to independent assurance, tax and advisory firm Grant Thornton, the same had happened in the United Kingdom and Australia when the value added taxes were introduced in 1973 and 2010, respectively.

Impact of GST on Employee Benefits

GST is not merely confined to external business transactions but also internal transactions between the employer and employee and this includes employee benefits: goods and services provided free to employees. This issue is only applicable to employers who are taxable persons (GST registered person who annual taxable turnover exceeds RM500,000).

As money is not regarded as either goods or services, GST does not apply to salary or other cash payments. There is also a specific exemption in the second schedule of the GST Bill 2014 which states that any contribution made to a pension, provident fund or social security fund shall not be treated as a supply of goods or services. Therefore contributions to EPF, SOCSO and similar organisations will not be subject to GST.

GST has benefits, consumers told to spend wisely

IPOH: The implementation of the Goods and Services Tax (GST) next year can help to prevent money laundering and black money.

Second Finance Minister Datuk Seri Dr Ahmad Husni Hanadzlah's special assistant Ting Tai Fook (pic) said the GST was transparent and that all items paid and charged would be printed out in an invoice.

Najib: It’s either GST or facing bankruptcy

KUALA LUMPUR: Malaysia has a stark choice of either increasing government revenue via the goods and services tax (GST) or burdening the country by borrowing more money.Prime Minister Datuk Seri Najib Tun Razak said the implementation of GST was necessary as the country risked becoming bankrupt like Greece if it resorted to borrowing.

“We have to find additional sources of income and that’s why we have to implement the GST,” he said at a seminar on Strengthening the National Economy.