{"id":14056,"date":"2022-06-02T20:37:00","date_gmt":"2022-06-02T12:37:00","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=14056"},"modified":"2022-06-02T20:37:02","modified_gmt":"2022-06-02T12:37:02","slug":"499-businesses-support-gst-reintroduction-fmm","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=14056","title":{"rendered":"499 businesses support GST reintroduction – FMM"},"content":{"rendered":"\n

KUALA LUMPUR, June 2<\/strong> — A total of 499 businesses have strongly supported the reintroduction of the goods and services tax (GST) to replace the current sales and services tax (SST) 2.0 as\u00a0GST is seen to provide\u00a0a more equitable tax structure and eliminate\u00a0the cascading and compounding of taxes\u00a0commonly found in the SST regime.<\/p>\n\n\n\n

In a statement, the Federation of Malaysian Manufacturers (FMM) said the responses were based on a survey carried out by FMM on the reintroduction of GST in May 2020.<\/p>\n\n\n\n

FMM president Tan Sri Soh Thian Lai\u00a0said prices of Malaysian exports would become more competitive on the global stage as no GST is imposed on exported goods and services, while GST that is incurred on inputs could\u00a0be recovered along the supply chain.<\/p>\n\n\n\n

\"gst\"<\/figure><\/div>\n\n\n\n

\u201cMoreover, as\u00a0this broad tax base system would increase indirect taxes, it will give flexibility to the government to reduce direct taxes (personal income tax and corporate tax) to make Malaysia a more attractive business destination,\u201d<\/em> he added.<\/p>\n\n\n\n

As the government is now\u00a0focusing\u00a0on reviving\u00a0the economy, Soh said\u00a0manufacturers need to prioritize their time and energy on rebuilding their business.<\/p>\n\n\n\n

Hence, the reintroduction of GST should not be considered in isolation but as a part of the holistic assessment of Malaysia\u2019s tax systems and the country\u2019s fiscal position, he added.<\/p>\n\n\n\n

\u201cWhile the introduction of a broad-based consumption tax would strengthen the country\u2019s fiscal position, GST 2.0 must be easy to manage but not increase the cost of doing business,\u201d<\/em> he said.<\/p>\n\n\n\n

As the change and transition to GST 2.0 can be challenging, he said FMM calls for the government to consult all stakeholders for a thorough review process to ensure a successful implementation of an effective tax regime.<\/p>\n\n\n\n

NMT<\/a> as reported by Bernama<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

KUALA LUMPUR, June 2 — A total of 499 businesses have strongly supported the reintroduction…<\/p>\n","protected":false},"author":1,"featured_media":14057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41,17,524],"tags":[],"class_list":["post-14056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy","category-nation"],"featured_image_urls":{"full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/06\/Screen-Shot-2022-06-02-at-20.35.40.png",587,365,false],"thumbnail":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/06\/Screen-Shot-2022-06-02-at-20.35.40-150x150.png",150,150,true],"medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/06\/Screen-Shot-2022-06-02-at-20.35.40-300x187.png",300,187,true],"medium_large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/06\/Screen-Shot-2022-06-02-at-20.35.40.png",587,365,false],"large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/06\/Screen-Shot-2022-06-02-at-20.35.40.png",587,365,false],"1536x1536":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/06\/Screen-Shot-2022-06-02-at-20.35.40.png",587,365,false],"2048x2048":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/06\/Screen-Shot-2022-06-02-at-20.35.40.png",587,365,false],"newsium-slider-full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/06\/Screen-Shot-2022-06-02-at-20.35.40.png",587,365,false],"newsium-featured":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/06\/Screen-Shot-2022-06-02-at-20.35.40.png",587,365,false],"newsium-medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/06\/Screen-Shot-2022-06-02-at-20.35.40.png",587,365,false]},"author_info":{"info":["Editor"]},"category_info":"Business<\/a> Economy<\/a> Nation<\/a>","tag_info":"Nation","comment_count":"0","_links":{"self":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/14056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14056"}],"version-history":[{"count":1,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/14056\/revisions"}],"predecessor-version":[{"id":14058,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/14056\/revisions\/14058"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/media\/14057"}],"wp:attachment":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}