OHS will not impose more than the GST on the population, says Minister of Finance – BorneoPost Online | Borneo, Malaysia, Sarawak Daily News

KUALA LUMPUR: The Sales and Services Tax (SST) Will not Strike People More than the Goods and Services Tax (GST) because the Government Will Only Collect $ 21 Billion RM per year and According to Finance Minister Lim Guan Eng,

the expected collection of SST was estimated at only RM 21 billion for a full year, compared with RM 44 billion for the year 2018.

"Umno's false claim that SST imposes more on the population than the GST is illogical." According to them, my announcement that the old sales tax system is 10 percent and the service tax 6 percent he said in a statement

that it was wrong, has he said, because you could not just add the sales tax and the service tax, "Which would be like apples with oranges." The Pakat a government led by Harapan intends to return to SST – the system before the GST – on September 1 and accordingly abrogate the GST

Lim, which reacted to misconceptions released yesterday, stated the sales tax at the 5% rate Unlike the GST, the 6% service tax was applied to certain services and not to all services, unlike the GST. Lim also pointed out that the sales tax was imposed on the prices of manufacturers and importers, while the GST was taxed on final consumer prices

"It is therefore wrong to claim that a tax 10% sale is greater than He gave the example of a manufacturer who imposed a sales tax of 10 percent (10 sen) on a pop can made for 1 RM […] "

"However, when the same tax is sold to a consumer at 7-Eleven for RM2.00, a 6 per cent GST of 12 sen would have been imposed.

" In this case, it is clear that 39, a GST of 6 percent, at 12 sen, would be greater than 10% of SST, "he explained. According to Lim, the Department of Finance has embarked on a comprehensive SST review exercise with the help of PricewaterhouseCoopers (PwC) tax consultants to simplify SST.

"PwC will help streamline tax collection and reporting requirements to ensure that SST will be consistent. more efficient and less bureaucratic than the GST, or even the old OHS system.

"PwC will ensure that TOD imposed on 1 September is simpler, lighter, avoids leaks and loopholes," said the minister

. Improvements will be announced when the new OHS bill is tabled in Parliament this session, he added. – Bernama