Malaysia to impose 6% sales tax by 2015

The execution of plans will not be a smooth one...

Malaysia to impose 6% sales tax by 2015

KUALA LUMPUR — Malaysian Prime Minister Najib Razak announced plans today (Oct 25) to impose a six per cent goods and services tax (GST) by 2015 to boost revenue and stem rising government debt.

Mr Najib said fuel and other subsidies will also be slashed as part of fiscal reforms, while personal and corporate tax will be lowered to make the economy more competitive.

Tabling the 2014 budget in Parliament, he said the broad goods and services tax will replace the current sales and services tax from April 1, 2015. He said the rate is among the lowest in the region and that essential food items, education, housing, public transportation and healthcare will be excluded.
...
http://www.todayonline.com/world/asia/ma...s-tax-2015

REAL PROPERTY GAINS TAX (RPGT)

* For gains on properties disposed within the holding period of up to 3 years, RPGT rate is increased to 30%.

* For disposals within the holding period up to 4 and 5 years, the rates are increased to 20% and 15%, respectively.

* Raise the minimum price of property that can be purchased by foreigners to 1 million ringgit from RM500,000.

* Prohibit developers from implementing projects that have features of Developer Interest Bearing Scheme (DIBS), to prevent developers from incorporating interest rates on loans in house prices during the construction period.

* Financial institutions are prohibited from providing final funding for projects involved in the DIBS scheme. Malaysia's top three banks are Maybank, CIMB and Public Bank.

http://www.themalaysianinsider.com/malay...ts-bernama

Wah...Msia very hard up for money. one shot 6% GST. Sg 4% first then creeped up.

It shows Malaysia is really biting the bullets to reduce its debts to below 50% of its GDP by slashing expenditure and raising taxation. How I wish US could do the same by reducing its debts from approx. 100% of GDP to below 50%. For US, it will be more towards reducing expenditure

this sounds like learning all the wrong stuffs from his southern brother

(25-10-2013, 09:38 PM)CityFarmer Wrote: The execution of plans will not be a smooth one...

Malaysia to impose 6% sales tax by 2015

KUALA LUMPUR — Malaysian Prime Minister Najib Razak announced plans today (Oct 25) to impose a six per cent goods and services tax (GST) by 2015 to boost revenue and stem rising government debt.

Mr Najib said fuel and other subsidies will also be slashed as part of fiscal reforms, while personal and corporate tax will be lowered to make the economy more competitive.

Tabling the 2014 budget in Parliament, he said the broad goods and services tax will replace the current sales and services tax from April 1, 2015. He said the rate is among the lowest in the region and that essential food items, education, housing, public transportation and healthcare will be excluded.
...
http://www.todayonline.com/world/asia/ma...s-tax-2015

Of course the rate is among the lowest in the region as some countries in the region doesn't even have GST? They are just comparing countries who have GST.

Msia better learn from the SG GST refund scams. SG takes years to control these scams.

(26-10-2013, 09:59 AM)sunrocker Wrote:

(25-10-2013, 09:38 PM)CityFarmer Wrote: The execution of plans will not be a smooth one...

Malaysia to impose 6% sales tax by 2015

KUALA LUMPUR — Malaysian Prime Minister Najib Razak announced plans today (Oct 25) to impose a six per cent goods and services tax (GST) by 2015 to boost revenue and stem rising government debt.

Mr Najib said fuel and other subsidies will also be slashed as part of fiscal reforms, while personal and corporate tax will be lowered to make the economy more competitive.

Tabling the 2014 budget in Parliament, he said the broad goods and services tax will replace the current sales and services tax from April 1, 2015. He said the rate is among the lowest in the region and that essential food items, education, housing, public transportation and healthcare will be excluded.
...
http://www.todayonline.com/world/asia/ma...s-tax-2015

Of course the rate is among the lowest in the region as some countries in the region doesn't even have GST? They are just comparing countries who have GST.

Comparing apple to apple is right, isn't it?

"For non-citizens, RPGT is imposed at 30% on the gains from properties disposed within the holding period of up to five years and for disposals in the sixth and subsequent years, RPGT is imposed at 5%"

http://www.thestar.com.my/News/Nation/20...bsidy.aspx

So who is making all the profits? From RM500,000 increase to RM1,000,000 for the same house!

Penang started with this 1m for foreigners some time ago, so Johor is following close behind.
But then Penang is different from Johor, but then Johor is nearer to S'pore, but then S$400k can only get a 3-rm resale flat in Tampines sitting on 99LH, in JB, it's FH landed or condo.
Probably marrying a Malaysian may help solve some of these housing problems? I mean to get the best of both worlds.
S'pore is really getting too congested but then JB is not so safe with crimes happening so often everywhere.
But then, do we have better/alternative choices?
In Sg, those owning pte property cannot own hdb - this is the worst policy for those half hanging in the air if you know what I mean, you just cannot move forward neither can you move backwards.
I think in time to come, those Malaysians working in Sg, who own a flat, and at the same own My properties, will be better off.
Oh just rambling to myself on a Sat morning...

(26-10-2013, 10:46 AM)CityFarmer Wrote:

(26-10-2013, 09:59 AM)sunrocker Wrote:

(25-10-2013, 09:38 PM)CityFarmer Wrote: The execution of plans will not be a smooth one...

Malaysia to impose 6% sales tax by 2015

KUALA LUMPUR — Malaysian Prime Minister Najib Razak announced plans today (Oct 25) to impose a six per cent goods and services tax (GST) by 2015 to boost revenue and stem rising government debt.

Mr Najib said fuel and other subsidies will also be slashed as part of fiscal reforms, while personal and corporate tax will be lowered to make the economy more competitive.

Tabling the 2014 budget in Parliament, he said the broad goods and services tax will replace the current sales and services tax from April 1, 2015. He said the rate is among the lowest in the region and that essential food items, education, housing, public transportation and healthcare will be excluded.
...
http://www.todayonline.com/world/asia/ma...s-tax-2015

Of course the rate is among the lowest in the region as some countries in the region doesn't even have GST? They are just comparing countries who have GST.

Comparing apple to apple is right, isn't it?

You are right Cityfarmer. It's just that from how I read it, they are trying to make it look nicer comparing with every ASEAN country with or without GST imposed which can be misleading.