GOODS AND SERVICES TAX (GST) KEMENTERIAN KEWANGAN

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1 GOODS AND SERVICES TAX (GST) KEMENTERIAN KEWANGAN

2 BASIC CONCEPT & STRUCTURE OF GST 2

3 WHY GST? INHERENT WEAKNESESS IN SST Double taxation/ tax cascading Transfer pricing No complete relief on exported goods and services GST MORE EFFECTIVE & EFFICIENT Address weaknesses in SST Self policing system Less bureaucracy Cross checking element Increase tax compliance Promote saving and investment 3

4 WHY GST? REVENUE To reduce dependent on income tax revenue income tax is too sensitive to the economic situation if there is a recession, tax collection will be affected income tax contribution for 2013 RM127 bil (58% from total revenue) To reduce dependent on oil revenue petroleum is a depleted resources revenue from petroleum for 2013 RM67.6 bil (30.6% from total revenue) SHADOW ECONOMY Encouraged to register under GST percentage of shadow economy compared to GDP is 30% 4

5 SALES TAX & SERVICE TAX (SST) Sales Tax (At manufacturer only, Different rate - 5%, 10% & specific) Service Tax (Specific services, Different threshold & rate - 6% & specific) SST (Two taxes become one tax only) GST GOODS AND SERVICES TAX (GST) RM500,000 & 6% GST BASIC CONCEPT Consumption tax Scope of tax all levels of economy (supply, manufacture, wholesale & retail) goods & services supplied in Malaysia including imports Facility businesses can claim back GST paid on business inputs 5

6 160 COUNTRIES IMPLEMENTING GST/VAT CARIBBEAN, CENTRAL & NORTH AMERICA No. of countries = 19 Highest tax rate = 17.5% Lowest tax rate = 5% EUROPE No. of countries = 53 Highest tax rate = 27% Lowest tax rate = 5% ASIA No. of countries = 19 Highest tax rate = 20% Lowest tax rate = 5% ASEAN No. of countries = 7 Highest tax rate = 12% Lowest tax rate = 7% SOUTH AMERICA No. of countries = 11 Highest tax rate = 22% Lowest tax rate = 10% AFRICA No. of countries = 44 Highest tax rate = 20% Lowest tax rate = 5% OCEANIA No. of countries = 7 Highest tax rate = 15% Lowest tax rate = 5% 6

7 COUNTRIES IMPLEMENT OF GST BASED ON PER CAPITA INCOME INCOME GROUP (USD) NO. Low Income (<$1,025) 28 Lower Middle Income ($1,026 - $4,035) 41 Malaysia Upper Middle Income ($4,036 - $12,475) 39 High Income (>$12,476) 42 Others 10 TOTAL 160 7

8 GST RATE COMPARISON COUNTRY IMPLEMENTATION YEAR CURRENT RATE (%) Philippines Indonesia Vietnam Cambodia Laos Thailand The proposed GST rate is the lowest in ASEAN region Lowest rate 5% (Japan, Chinese Taipei & Canada) Highest rate 27% (Netherland) Singapore MALAYSIA

9 Rate 6% Lowest in ASEAN 7% (Singapore & Thailand) 10% (Indonesia, Cambodia, Laos & Vietnam) 12% (Philippines) Threshold = RM500,000 (businesses below the threshold is not required to register) GST Structure All supplies by Federal & State Government Supplies by Local Authority & Statutory Body* Out of scope *supplies made in regulatory and enforcement functions (R&E) Zero-Rated Supply Exempt Supply Foodstuff rice, wheat flour, sago, dhal sugar & salt cooking oil (palm oil, coconut oil & peanut oil) spices & cencalok, budu, belacan infant milk Agriculture Products paddy fresh vegetables and salads Train Bus Taxi/Hired Car Livestock supplies Seafood meat, mutton, buffalo, swine poultry (chicken & duck) including eggs all seafood including dried fish & anchovy Highway Toll Water Transportation Land for General Use Utility water supply (domestic) the first 200 units of electricity supply (domestic) Exports exported goods & services Private Residential Financial Education / Property Services Health 9

10 GST BENEFIT & ASSISTANCE PACKAGES 10

11 GST BENEFIT Tax Revenue Widen tax base More effective and reduce leakages - Move in tandem with GDP growth - GDP will increase 0.3% Physical Development More allocation for physical development Improve Export Competitiveness & Boost Tourism Goods and services exported is zero-rated Tourist refund scheme No GST in Designated Area (Labuan, Langkawi & Tioman) 11

12 GST BENEFIT Protect the Lower Income Group It has the mechanism to protect selected segment of Rakyat especially the low income group via zero-rated & exempt mechanism The proposed GST model is progressive tax burden for poor and low income group are lower than high income group (2.74%) Transparent Pricing Consumer knows whether the item is taxable or not Consumer knows the tax elements in the price they paid Reduced Cost of Doing Business All inputs are claimable Less bureaucracy and red tape 12

13 GST ASSISTANCE PACKAGE CONSUMER one-off cash rebate of RM300 to all BR1M recipients reduction of personal income tax rate between 1% to 3% for all taxable income group increase the highest taxable income band from RM100,000 to RM400,000 maximum tax rate of 26% is reduced to 24%, 24.5% and 25% 13

14 GST ASSISTANCE PACKAGE BUSINES reduction of corporate income tax rate by 1%, from 25% to 24% reduction of corporate income tax rate for SME from 20% to 19% for chargeable income up to RM500,000 reduction of co-operative income tax rate by 1% to 2% for chargeable income exceeding RM150,000 maximum tax rate of 25% is reduced to 24% income tax deduction for secretarial fee and tax filing fee: secretarial fee up to RM5,000 tax filing fee up to RM10,000 expenses for the purchase of ICT equipment and software are eligible for Accelerated Capital Allowance additional deduction for expenses on training for accounting software and ICT related to GST subsidised accounting software for SMEs training grants for businesses 14

15 THANK YOU KEMENTERIAN KEWANGAN MALAYSIA 15

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