Thursday, 21 June 2018 03:29 GMT
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Malaysia plans sales & service tax to offset revenue deficit



(MENAFN) Malaysia announced it was set to bring in a sales and service tax so as to somewhat make up for revenue deficit from successfully scrapping a goods and service tax (GST), starting June.

The new Malaysian government, which claimed victory in the general election last week, declared that it plans to lower GST to zero percent, effective June 1st.

The ministry of finance stated "expenditure reduction will begin with rationalisation, efficiency measures and reduction in wastages. Of significance, oil prices have been higher than the US$52 per barrel estimated for Budget 2018. This provides fiscal buffers for the immediate future."

The ministry added "fiscal responsibility, transparency and governance will be a paramount consideration in rolling-out the fiscal reform."

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Malaysia plans sales & service tax to offset revenue deficit

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