Speech About Gst In Malaysia

Our utmost gratitude to Allah the Almighty for blessing us to live in this peaceful and prosperous country under the leadership of our beloved Prime Minister of Malaysia, Yang Amat Berhormat Dato’ Sri Mohd Najib Tun Abdul Razak, with a crystal clear vision to transform Malaysia into developed and high income economy 2010. Against the backdrop of global uncertainties and more challenging environment in years to come, the Government will continue to double its efforts in developing and advancing the nation for the well being of the people. Thank you Malaysian Export Academy & Malaysian International Chamber of Commerce and Industry (MICCI) for inviting me here today as one of team member workforce of GST from Ministry of Finance to address the floor for the National GST Forum on What is GST: Understanding the GST Concept and Fundamental. This is an important subject that is being the centre of attention almost everywhere, be it at the coffee shops, the workplace hawker’s stalls, or on the social Medias.
Ladies and gentlemen,

To date, GST has already been implemented in 160 countries in the world, as early as 1954 in France and Monaco. Malaysia has reached the decisive point at which the economy should thrive on a broad-based, efficient and transparent consumption tax system which is GST. Thus, on April 2015, Malaysia has implemented the Goods and Service Tax (GST). It indeed remains worth highlighting that the proposed GST rate for Malaysia is among the lowest in the world, where the highest rate is 2 Hungary with 27% and the lowest rate is 5% (e.g. Japan and Canada). For the record, in the ASEAN region, Malaysia has the lowest rate with 6% compared to any other ASEAN countries where the rates are ranging from 7% to