The Government of Malaysia proposed the Goods and Services Tax (GST) in November 2009 and tabled the Goods and Services Tax Bill 2009 for first reading in Parliament in December 2009. Second reading was scheduled in March 2010 but it was postponed as the Government needed more time to gather feedback from the Rakyat and enable the Government to educate the public on the proposed GST as well as to allow businesses more time to prepare themselves for GST implementation.
The impact of GST implementation can be extensive to a business. Additional book-keeping requirements and changes to the treatment of business’s products and services.
To better understand the proposed GST, visit FAQ – Goods and Services Tax in Malaysia.