Malaysia to introduce GST at 6% from April 2015
Published on Oct 25, 2013 5:28 PM
MALAYSIA is set to introduce the goods and services tax at six per cent from April 1, 2015, announced prime minister Datuk Seri Najib Razak as he unveiled the 2014 Budget on Friday.
The former sales and services tax will be abolished.
Below are some highlights from the Malaysian premier's speech so far.
- Goods and services tax to start in April 1, 2015, set at 6 per cent.
- Personal income taxes to be cut by 1 to 3 percentage points after GST introduction. The top rate now is 26 per cent.
- Corporate income taxes to be cut by 1 to 2 points. The top rate now is 25 per cent.
- GDP projected to grow 5 to 5.5 per cent in 2014, from 4.5 to 5 per cent this year.
- Budget deficit to be reduced to 3.5 .
- New RM700 million (S$280 million) air traffic management centre in Kuala Lumpur International Airport in Sepang, to increase aircraft movements. KLIA will have three runways then, from two now.
- Tourism revenues expected to hit RM65 billion in 2013, from RM60 billion last year. The year 2014 will be Visit Malaysia Year, 2015 Year of Festivals.
- Malaysia's bond market is biggest in South-east Asia, valued at RM1 trillion (S$400 billion).
- RM6 billion for valued-added agriculture products, including move to boost exports, build cold room facilities at KL airport.
- Joint lobster rearing project with multinational company in Semporna, Sabah, to produce 18,000 tonnes a year, providing 20,000 jobs.