GST To Be Zero-Rated Starting June 1

GST To Be Zero-Rated Starting June 1

GST isn't abolished but its current 6% rate will reduce to 0% effective 1 June 2018 nationwide until further notice.

Malaysia's goods and services tax (GST) will be reduced from 6 per cent to zero per cent from June 1, the Finance Ministry said on Wednesday (May 16).

In a statement today, the MoF said it has decided that goods and services within Malaysia and those imported from overseas, which incur GST of 6%, will see the rate reduced to 0% from June 1 this year throughout the country.

Therefore, the ministry said all registered traders must comply with this imposition of zero rate.

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"At the same time, registered traders are also still subject to all current regulations, including those relating to the issuing of tax invoices, delivery of tax returns within the prescribed taxable period and input tax credit claims", it said. For further clarification, the Royal Malaysian Customs Department is reachable at 1 300 88 8500 or 03-7806 7200.

As such, the reduction in prices may not be the full six percent, at least for existing inventory in which GST has already been paid along the chain by the manufacturer and distributor - unless these companies can reclaim from the government the tax they have paid.

Zero rating would essentially remove the price impact of the GST, but retain its tax reporting functions.

The government, Mahathir said added no longer intends to continue with the weekly price adjustments for fuel prices which was imposed by the earlier Barisan Nasional government. This is because the government has collected more than necessary, he added. Mahathir has promised that "present prices will stay" even if the government has to subsidize.

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