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Friday, Jun 6, 2014

Malaysia

Don't use GST to raise prices, traders warned

The Star/ANN | Friday, Jun 6, 2014

Protesters march to Independence Square during a demonstration against Goods and Services Tax (GST) in Kuala Lumpur May 1, 2014.

PUTRAJAYA - Traders are reminded not to take advantage of the implementation of Goods and Services Tax (GST) by raising the price of goods indiscriminately.

Deputy Finance Minister Datuk Ahmad Maslan said the prices offered by traders should be reasonable and reflect the GST fixed rate of 6 per cent.

He said traders found to indiscriminately raise prices could face action under the Price Control and Anti-Profiteering Act 2011.

Ahmad was met by reporters after officiating at the 57th Valuation and Property Services Department Day commemoration held at the National Institute of Valuation, here, yesterday.

He was responding to the suggestion by Cuepacs president Azih Muda recently for the Government to raise the salary of civil servants by 30 per cent in the face of rising cost of goods due to the implementation of GST.

Ahmad said civil servants should not be taken in by facts on the GST that had been twisted by certain quarters, but to refer to the Customs Department's official website (http://gst.customs.gov.my/) for information on GST.

The GST will replace the sales and services tax, which is at an overall rate of 16 per cent.

On the department, Ahmad said it became the first in the South-East Asian region in June last year to initiate intellectual property valuation through the establishment of an intellectual property valuation unit.

He said the new unit could assist small and medium industries to promote their products in the local and international markets.

It was set up with the aim of protecting the interests of industry players in terms of patent, trademark, design, copyright and other aspects involving intellectual property.

When tabling the 2014 Budget, Prime Minister Datuk Seri Najib Tun Razak announced that the Government would implement the GST effective April 1, 2015 at a fixed rate of 6 per cent. He said it would be a fair and comprehensive tax system that would benefit all Malaysians.

Najib also assured that the GST would not be a new tax and that the rate would be the lowest among ASEAN countries.

On Wednesday, Najib also announced that the RM1,000 (S$390) GST e-voucher by SME Corporation Malaysia (SME Corp) was now open for application. - Bernama

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