KUALA LUMPUR, Aug 5 (Bernama) -- The goods and services tax (GST) aims to restructure the taxation system to help the country achieve developed nation status.
Deputy Finance Minister, Senator Datuk Donald Lim Siang Chai, said Malaysia needed to a new consumption taxation that was fair and customised to meet the local needs.
"Over the years, the financial and the business sectors have changed.
"Likewise, we too have to evolve the taxation system to meet this changing environment," he said at the forum organised by KPMG Malaysia and International Tax and Investment Centre.
Lim said the implementation of GST would help the country reduce its deficit and would have little impact on the consumer price index.
"The need to implement GST will have a long-term effects on Malaysia but it is a necessary to move towards developed nation status and to stimulate competitiveness," he said.
He said the government would educate the business community and public on the GST and its impact.
-- BERNAMA
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