After debunking a false release that GST will be abolised, the Ministry of Finance of Malaysia has declared that the goods and services tax (GST) will be zero-rated from 1 June.
UPDATE: Ministry of Finance announced that GST will be zero-rated effective 1 June 2018.
Today, a purported press release declaring GST will be abolished by 1 June 2018 has been circulating online. It claims to be from the Ministry of Finance and it also mentions that GST collected from 9 May 2018 will be refunded back as compensation. The purported release also mentions that no new tax will be introduced throughout the first two years of Pakatan Harapan’s administration.
The Ministry of Finance (MoF) has been slaving away tinkering and adjusting the scale of the annual Budget announcement. Being hard hit by drops in oil trade prices due to an excess of supply and micromanaging the qualms of 1MDB, our Prime Minister Datuk Seri Najib Tun Razak has a lot on his hands – if that wasn’t clear enough. But will the ICT market win or lose when Budget 2016 is read?
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