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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Malaysia plans 4.0 pct GST in 2011: minister AFP - Friday, November 27 Send IM Story Print Malaysia plans 4.0 pct GST in 2011: minister KUALA LUMPUR (AFP) - – Malaysia plans to introduce a 4.0 percent goods and services tax (GST) in 2011, replacing current sales and services tax in a bid to diversify national revenues, a minister said Thursday. The government had previously proposed to introduce a GST from the beginning of 2007 but the plan was deferred due to widespread opposition. "We are replacing the current sales and services tax, which is currently between five and 10 percent," Second Finance Minister Husni Ahmad Hanadzlah said according to state news agency Bernama. He said the tax legislation will be submitted in parliament in the current session which ends mid-December. A second reading will be in March next year and implementation would take place 18 months later, he said. The government has said the changes would provide a more comprehensive, transparent and simple tax model. "The revenue source must be sustainable. If we can secure a sustainable revenue, we can get a good budget," he said. Husni said the government was expected to earn 1.0 billion ringgit (294 million dollars) in the first year of the GST implementation. The GST would replace the existing taxes on sales and services and would not put pressure on prices, he said, adding that to ease the burden on consumers, staple foods such as rice, sugar, cooking oil and flour will be exempted. The plan drew immediate criticism from opposition lawmakers who said it will cause living costs to spike. Charles Santiago from the Democratic Action Party (DAP) which is a member of the Pakatan Rakyat opposition alliance said the government needed to release more details about the shake-up. "There is a sense of caution because it could have an impact on the lower and middle classes, particularly in food, health care and clothing," he told AFP. Opposition legislator D. Jeyakumar from the Socialist Party warned that "the GST percentage will start low but will increase over the years." "It is definitely a bad move. The government is attempting to shift the taxes from the rich to the ordinary people," he said. Recommend Send IM Story Print Related Articles Gulf bonds plunge, CDS soar on Dubai; shadow on planned bonds Reuters - 1 hour 39 minutes ago Kazakhstan sets ceiling on key fuel price Reuters - 1 hour 40 minutes ago South Korea launches WTO dispute against U.S. Reuters - 1 hour 41 minutes ago India 10-year bond yield ends near 2-month low Reuters - 1 hour 48 minutes ago Ukraine leader blocks state guarantees for loans Reuters - 1 hour 56 minutes ago News Search Top Stories World stocks dive on Dubai default fears Couple crashed White House state dinner Dubai debt default fears spill into world markets Gold price breaks $1,195 an ounce Fed's zero rate policy sparking growing complaints More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Couple crashed White House state dinner Britain is last major nation in recession Shuttle undocks from space station, returns to Earth Obama to head to Copenhagen with climate pledge Fed's zero rate policy sparking growing complaints More Most Viewed » Alcohol helps cut heart disease risk for men: study Mankind using Earth's resources at alarming rate More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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